What is North American Free Trade Agreement in SAP SLL - Global Trade Services?

SAP Term: North American Free Trade Agreement

• Component: SLL

• Component Name: Global Trade Services

• Description: A trade treaty between the USA, Mexico, and Canada. This agreement allows special tariff treatment lower or free duty whenexchanging commodities between these countries. The agreement eliminatestariffs and other trade barriers on approximately 10,000 goods over a period of 15 years beginning in 1994.

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• Key Concepts: 
  The North American Free Trade Agreement (NAFTA) is a trade agreement between the United States, Canada, and Mexico that eliminates tariffs and other trade barriers between the three countries. The agreement was signed in 1994 and went into effect in January of 1994. The purpose of NAFTA is to promote economic growth and development in the three countries by eliminating barriers to trade and investment. 
  
  How to use it: 
  SAP Global Trade Services (GTS) is a software solution that helps companies manage their international trade operations. GTS provides tools for managing import and export processes, including compliance with NAFTA regulations. GTS also provides tools for managing customs duties, taxes, and other fees associated with international trade. 
  
  Tips & Tricks: 
  When using GTS to manage NAFTA compliance, it is important to ensure that all documents are up-to-date and accurate. This includes ensuring that all documents are properly filled out and that all information is accurate. Additionally, it is important to ensure that all documents are filed in a timely manner to avoid any delays or penalties associated with non-compliance. 
  
  Related Information: 
  For more information on NAFTA and how GTS can help manage compliance, please visit the SAP website or contact your local SAP representative. Additionally, there are many resources available online that provide information on NAFTA regulations and how to use GTS to manage compliance.