Sacu Efta Free Trade Agreement

In 2003, discussions on the saCU FTA began with the United States, but they were founded in mid-2006 due to Washington`s high demands. In 2008, an agreement on trade and investment cooperation in the field of development cooperation was signed as a transitional measure towards a comprehensive and definitive free trade agreement. In April 2005, SACU signed a preferential trade agreement with Mercosur, the South Latin bloc, its first free trade agreement. The agreement was revised in April 2008 to include additional protocols. In 2006, SACU signed a free trade agreement with the European Free Trade Area (EFTA). IiA Navigator This database of IAs – the IIA browser – is managed by UNCTAD`s IIA Section. You can browse the IIAs concluded by a particular country or group of countries, view the recently concluded ais or use the extended contract search for demanding research tailored to your needs. Please quote: UNCTAD, International Investment Agreements Navigator, available on investmentpolicy.unctad.org/international-investment-agreements/ In Article 27, the Contracting Parties confirm that they will endeavour to extend the scope of this Agreement with a view to further liberalization of trade in services. SACU has also signed 3 bilateral agricultural agreements. [8], one with Norway, one with Iceland and one with Switzerland (all except Liechtenstein). The reason for this is that EFTA has no common agricultural policy or common customs duties.

This means that each of these countries has different trade strategies and therefore cannot propose a common agreement on agriculture[8]. However, with the exception of fish and processed agricultural products which are treated separately in another part of the Agreement[2] The Free Trade Agreement between the EFTA States and the SACU Member States was signed in 2006. The main objective of the Free Trade Agreement (FTA) is to liberalise trade in goods in accordance with the relevant WTO provisions. The reduction in customs duties is asymmetrical in that the EFTA States liberalise trade in goods in all areas as soon as the Agreement enters into force, while the SACU States will do so gradually until 2014 for almost all industrial products. The South African Customs Union (SACU) is composed of Botswana, Lesotho, Namibia, South Africa and Swaziland. It was founded in 1910, making it the oldest customs union in the world. The SACU Agreement was revised in 1969 and 2002. This agreement is the first free trade agreement concluded by the EFTA states with another trading bloc and the first with partner countries in sub-Saharan Africa. It is also the first time that a least developed country (Lesotho) has become an EFTA free trade partner. Under the agreement, EFTA grants saCU states free movement of all products from entry into force, while SACU states will gradually reduce their customs duties. UNCTAD`s work programme on international investment agreements (IIAs) actively assists policy makers, government officials and other IIA stakeholders in reforming IIAs to make them more conducive to sustainable development and inclusive growth.

International investment regimes operate at the bilateral, regional, interregional and multilateral levels. .

October 5, 2021