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The full form of SAFTA is South Asian Free Trade Area. It is basically a free trade agreement between the member countries of the South Asian Association for Regional Cooperation (SAARC). The signatory countries of SAFTA are Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
If you want to run an export or import business in India, it is essential to obtain SAFTA registration to avail of the benefits of the SAFTA agreement. To get a SAFTA certificate of origin for your business in a simple and easy manner, get in touch with our consultants at Registrationwala.
SAFTA is a regional free trade agreement between member countries of SAARC. India, being a SAARC member, allows duty-free access to goods from other member countries of SAFTA.
SAFTA agreement was signed on January 6, 2004 in Pakistan’s capital Islamabad during the 12th SAARC Summit. However, it came into effect about two years later, on January 1, 2006. This agreement was signed with an aim to reduce or eliminate tariffs and non-tariff barriers on trade between member countries and to promote regional economic integration and raise trade flows within the south asian region.
Apart from reducing tariffs on a range of goods being traded, SAFTA also has provisions describing rules of origin, safeguard measures and procedures for settling disputes. Moreover, it also provides for the establishment of a committee of experts to oversee the agreements’ implementation and to address any concerns that may arise.
SAFTA certificate or license is granted as a certificate of origin in India by DGFT. The SAFTA Certificate of Origin is a certificate that showcases that goods being exported from one SAFTA nation to another are of South Asian origin. This certificate's purpose is to allow exporters to avail benefit from the SAFTA agreement's preferential tariff rates.
The SAFTA Certificate of Origin export differs from other certificates of origin like the Certificate of Origin issued by the Indian Chamber of Commerce, in terms of particular requirements and procedures.
By registering for a SAFTA license, you can avail numerous benefits. Some of the benefits include:
SAFTA has increased transparency and integrity among south asian SAARC countries by reducing the traffic and trade barriers.
It encourages foreign investments in SAARC member nations.
It helps businesses in avoiding facing any shipment related issues.
Free trade agreements have higher economic growth than others.
SAFTA showcases regional cooperation amongst SAARC nations due to its robust framework.
The SAFTA registration is crucial for exporters who want to claim benefits in SAARC member countries.
If the exporters attach their SAARC certificate of origin export, they generally do not have to charge GST in their bill/invoice.
SAFTA license helps exporters to boost their international sales.
The following documents must be in place as they’re required to be submitted during SAFTA registration process:
Import-Export Code (IEC) issued by DGFT
Declaration from the manufacturer on the letterhead
Product details
Details of Raw materials
Description of goods
Registration certificate of company or organization
Details of each director, partner or proprietor
Exporter details
Commercial Invoice
Bill with details of quantum or Origin of inputs or consumables used in export products
Import CUSDECS and Import Invoice to verify the imported raw materials.
Affidavit
DSC
Cost statements
Purchase order from the importer
Digital signature
The process for registering for SAFTA certificate takes place in the following manner:
Before you apply for SAFTA registration, you need to make sure you have an IEC Code issued by the Directorate General of Foreign Trade (DGFT). Without this code, you cannot commence export or import business in India. You can reach out to Registrationwala for assistance in obtaining this code.
You must prepare and gather all the documents required at the time of filing application for SAFTA certificate of origin. If you do not have all the necessary documents, your application might get delayed or rejected.
You must submit your SAFTA application along with all the required documents to the authorized agency under SAFTA.
Once your application has been received by the authorized agency, it will carefully review your SAFTA registration application along with submitted documents. If satisfied with the application and documents, the agency will give its approval.
After the authorized agency has given its approval, you will be issued the SAFTA origin certificate having a validity of one year from the date of registration.
If you want to avail benefits of the SAFTA agreement, then it is a must to apply for SAFTA registration. By choosing Registrationwala for assistance in SAFTA registration, the entire process will be simplified and become easier for you!
Our consultants will help you to collect all the prerequisite documents which must be filed with the authorized authority. Additionally, we will help you in filling out the SAFTA application form and make sure all the details are filled clearly and correctly.
Our aim is to enable you to focus on your import/export business, while we do all the complicated paperwork for you. By reaching out to Registrationwala, you can obtain a SAFTA certificate of origin in a smooth and hassle-free manner!
Q1. What is SAARC full form? When was it established?
A. The full form of SAARC is South Asian Association of Regional Cooperation. It was established on 8th December, 1985.
Q2. Which countries have signed the SAFTA agreement with India?
A. Afghanistan, Pakistan, Nepal, Sri Lanka, Bangladesh, Bhutan and the Maldives.
Q3. Where is the headquarters of SAFTA?
A. The headquarters of SAFTA is situated in Kathmandu, Nepal.
Q4. What are the rules of origin under SAFTA?
A. The rules of origin under SAFTA agreement determine whether a product is eligible for preferential tariff treatment.
Q5. Which country is SAARC’s newest member?
A. Afghanistan is the SAARC’s newest member. It joined SAARC in 2007, at the 14th annual summit.
Q6. Where can I apply for a SAFTA certificate online?
A. You can apply for a SAFTA certificate online on the DGFT portal.
