Free Trade Agreement between the EFTA States and the SACU States (EFTA SACU)

What’s New?

• 24 November 2016 – Calculation of National Currencies for the SACU-EFTA Trade Agreement In terms of Article 21 to Annex V of the SACU-EFTA Trade Agreement, amounts expressed in the national currencies equivalent to the amounts expressed in Euros shall be fixed annually by the parties concerned from the 1st January 2017 to 31st December 2017.

  The applicable rate of exchange for Euro amount as of 01 October 2016 is 0.063426 as per Article 29 (3) and shall be considered as a conversion rate for amounts expressed in Article 19 (1) (b) and Article 24 (3).

  Country	Currency	Rates of exchange	Invoice Declaration (6 000 Euro)	Traveller’s Personal Luggage (1 200 Euros)	Small Packages (500 Euros)
  Republic of South Africa	Rand	0.063426	R94 598	R18 920	R7883

EFTA background

The EFTA member states consist of –

• Republic of Iceland
• Principality of Liechtenstein
• Kingdom of Norway
• Swiss Confederation

EFTA has a number of free trade agreements between its member states and member states of other countries or groups of countries, of which the EFTA-SACU free trade agreement is one. The EFTA-SACU free trade agreement has been concluded between the member states of EFTA and the member states of the Southern African Customs Union (SACU).

This agreement has been enacted into South African law in terms of the Customs and Excise Act, 1964 by publication in Notice R.1255 (GG 29455 of 15 December 2006) and came into effect on 1 January 2008 in terms of Notice R.1231 published in GG 30601 of 12 December 2007.