What is European Free Trade Association in SAP SD-FT - Foreign Trade?

SAP Term: European Free Trade Association

• Component: SD-FT

• Component Name: Foreign Trade

• Description: An organization established in 1960 by the Stockholm Convention to eliminate tariffs and other restrictions on trade between European Free Trade Association EFTA members. EFTA currently comprises Iceland, Liechtenstein, Norway and Switzerland.

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• Key Concepts: 
  The European Free Trade Association (EFTA) is an intergovernmental organization that promotes free trade and economic cooperation between its four member states: Iceland, Liechtenstein, Norway, and Switzerland. It was established in 1960 as an alternative to the European Economic Community (EEC), which later became the European Union (EU). The EFTA provides a framework for the free movement of goods, services, capital, and people between its member states. 
  
  How to use it: 
  In SAP software, the European Free Trade Association (EFTA) is used in the SD-FT Foreign Trade component. This component allows companies to manage their foreign trade activities in accordance with the regulations of the EFTA. It provides features such as export/import control, customs clearance, and duty calculation. It also enables companies to manage their foreign trade documents and processes. 
  
  Tips & Tricks: 
  When using the SD-FT Foreign Trade component, it is important to ensure that all data is up-to-date and accurate. This will help to ensure that all transactions are compliant with EFTA regulations. Additionally, it is important to keep track of any changes in regulations or laws that may affect foreign trade activities. 
  
  Related Information: 
  For more information about the European Free Trade Association (EFTA), please visit their website at https://www.efta.int/. Additionally, for more information about SAP’s SD-FT Foreign Trade component, please visit their website at https://www.sap.com/products/foreign-trade.html.