Asia-Pacific Trade Agreement

Last updated
Asia-Pacific Trade Agreement
Asian-Pacific Trade Agreement members.svg
APTA members
Type Trade agreement
Signed1975;49 years ago (1975)
Parties

The Asia-Pacific Trade Agreement (APTA), previously known as the Bangkok Agreement [1] and renamed 2 November 2005, [2] was signed in 1975. It is the oldest preferential trade agreement between countries in the Asia-Pacific region. The APTA covers market for 2921.2 million people [2] which accounts for US$14615.86 billion in terms of gross domestic product (GDP) in the Fiscal Year (FY) 2015-2016. [3] APTA’s key objective is to hasten economic development among the seven participating states opting trade and investment liberalization measures that will contribute to intra-regional trade and economic strengthening through the coverage of merchandise goods and services, synchronized investment regime and free flow of technology transfer making all the Participating States to be in equally winsome situation. Its aim is to promote economic development and cooperation through the adoption of trade liberalization measures. APTA is open to all members of the United Nations Economic and Social Commission for Asia and the Pacific , which serves as the APTA Secretariat. Members of APTA are currently participating in the Fourth Round of Tariff Concessions, which are expected to conclude in October 2009. [4]

Contents

Member nations

Negotiations

Exchange of Tariff Concessions

The Third Round, entering into force on 1 September 2006, led to tariff concessions on more than 4,000 items.

The Fourth Round, launched in October 2007, was scheduled to be concluded by the Third Ministerial Council in October 2009. This Round aims to widen the coverage of preferences to at least 50 per cent of the number of tariff lines of each member, and at least 20-25 per cent the value of bilateral trade. It also aims to provide a tariff concession of at least 50 per cent (on average).

Framework Agreement

The Fourth Round of negotiations is extending into areas beyond the traditional tariff concessions in order to deepen trade cooperation and integration. APTA members are currently negotiating three framework agreements on trade facilitation, trade in services, and investments. In addition, APTA members are exchanging information on non-tariff measures.

Institutional arrangements

See also

Other trade agreements and organizations in the AsiaPacific region

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References

  1. WTO L/4668
  2. WTO WT/COMTD/N/22 Archived January 12, 2012, at the Wayback Machine
  3. Latifee, E. H., 2016, http://www.textiletoday.com.bd/bangladesh-rmgs-achievements-from-apta/
  4. http://www.unescap.org/tid/apta/factsheet08.pdf, APTA Factsheet
  5. "The Asia-Pacific Trade Agreement". United Nations Economic and Social Commission for Asia and the Pacific . Archived from the original on 2009-08-01.
  6. Kelegama, Saman (2016). "China as a Balancer in South Asia". The new great game : China and South and Central Asia in the era of reform. Thomas Fingar. Stanford, California: Stanford University Press. ISBN   978-0-8047-9764-1. OCLC   939553543.
  7. "APTA welcomes Mongolia as its seventh member". United Nations Economic and Social Commission for Asia and the Pacific . 2013-10-28. Archived from the original on 2013-11-05.
  8. "Ceremony for Mongolia's accession to the Asia-Pacific Trade Agreement (APTA)". United Nations Economic and Social Commission for Asia and the Pacific . 2020-09-29.