Th
Asia-Pacific Trade Agreement (APTA) previously
known as th
Bangkok Agreementand renamed 2 November 2005, was signed in 1975. It is the oldest
preferential trade agreement
A preferential trade area (also preferential trade agreement, PTA) is a trading bloc that gives preferential access to certain products from the participating countries. This is done by reducing tariffs but not by abolishing them completely. It ...
between countries in the Asia-Pacific region. The APTA covers market for 2921.2 million people
which accounts for US$14615.86 billion in terms of gross domestic product (GDP) in the Fiscal Year (FY) 2015-2016
APTA’s key objectiveis to hasten
economic development
In the economics study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and ...
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
Free trade is a trade policy that does not restrict imports or exports. It can also be understood as the free market idea applied to international trade. In government, free trade is predominantly advocated by political parties that hold econ ...
measures. APTA is open to all members of the
, 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.
Member nations
*
Bangladesh
Bangladesh (}, ), officially the People's Republic of Bangladesh, is a country in South Asia. It is the eighth-most populous country in the world, with a population exceeding 165 million people in an area of . Bangladesh is among the mos ...
(original member, 1975)
*
China (acceded in 2001)
*
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
(original member, 1975)
*
Republic of Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korean Peninsula and sharing a land border with North Korea. Its western border is formed by the Yellow Sea, while its ea ...
(original member, 1975)
*
Lao People's Democratic Republic (original member, 1975)
*
Sri Lanka (original member, 1975)
*
Mongolia
Mongolia; Mongolian script: , , ; lit. "Mongol Nation" or "State of Mongolia" () is a landlocked country in East Asia, bordered by Russia to the north and China to the south. It covers an area of , with a population of just 3.3 million, ...
(acceded in 2013, full membership in 2020)
[{{cite web, url=https://www.unescap.org/events/ceremony-mongolia-s-accession-asia-pacific-trade-agreement-apta, title= Ceremony for Mongolia's accession to the Asia-Pacific Trade Agreement (APTA), website= , date= 2020-09-29]
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
* Ministerial Council: The Ministerial Council represents the highest decision-making authority. It provides overall policy direction for the future negotiating agenda of the Agreement, as well as supervision and coordination of the implementation of the Agreement. The Council meets at least once every two years, with the First Session held on 2 November 2005 in
Beijing
}
Beijing ( ; ; ), alternatively romanized as Peking ( ), is the capital of the People's Republic of China. It is the center of power and development of the country. Beijing is the world's most populous national capital city, with over 21 ...
,
China, and the Second Session held on 26 October 2007 in
Goa
Goa () is a state on the southwestern coast of India within the Konkan region, geographically separated from the Deccan highlands by the Western Ghats. It is located between the Indian states of Maharashtra to the north and Karnataka to the ...
,
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
. The Third Session will be held on 22 October 2009 in
Seoul
Seoul (; ; ), officially known as the Seoul Special City, is the capital and largest metropolis of South Korea.Before 1972, Seoul was the ''de jure'' capital of the Democratic People's Republic of Korea (North Korea) as stated iArticle 103 of ...
,
Republic of Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korean Peninsula and sharing a land border with North Korea. Its western border is formed by the Yellow Sea, while its ea ...
.
* Standing Committee: APTA is administered by a Standing Committee. Each Participating State designates a national focal point and an alternate focal point responsible for handling this duty.
* Secretariat: Th
Trade and Investment Divisionof UNESCAP functions as APTA’s Secretariat.
See also
*
Asia-Pacific Trade Agreements Database
*
Asian Clearing Union
The Asian Clearing Union (ACU) was established on December 9, 1974, at the initiative of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). The primary objective of ACU, at the time of its establishment, was to se ...
*
*
Asia-Pacific Research and Training Network on Trade
*
Rules of Origin
Rules of origin are the rules to attribute a country of origin to a product in order to determine its "economic nationality". The need to establish rules of origin stems from the fact that the implementation of trade policy measures, such as tari ...
*
Market access
In international trade, market access is a company's ability to enter a foreign market by selling its goods and services in another country. Market access is not the same as free trade, because market access is normally subject to conditions or req ...
*
Free-trade area
A free-trade area is the region encompassing a trade bloc whose member countries have signed a free trade agreement (FTA). Such agreements involve cooperation between at least two countries to reduce trade barriers, import quotas and tariffs, and ...
*
Tariffs
A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and po ...
; Other trade agreements and organizations in the Asia–Pacific region
*
ASEAN Free Trade Area
The ASEAN Free Trade Area (AFTA) is a trade bloc agreement by the Association of Southeast Asian Nations supporting local trade and manufacturing in all ASEAN countries, and facilitating economic integration with regional and international alli ...
(AFTA)
*
South Pacific Regional Trade and Economic Cooperation Agreement (SPARTECA)
*
South Asian Free Trade Area (SAFTA)
* Pacific Islands Countries Trade Agreement (
PICTA)
* Bay of Bengal Initiative for MultiSectoral Technical and Economic Cooperation (
BIMSTEC
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is an international organisation of seven South Asian and Southeast Asian nations, housing 1.73 billion people and having a combined gross domestic pro ...
)
* Commonwealth of Independent States Free Trade Agreement (
CISFTA)
References
External links
Asia-Pacific Trade Agreement WebsiteAsia-Pacific Trade Agreement Full TextAsia-Pacific Research and Training Network on Trade (ARTNeT)Asia-Pacific Trade Agreements Database (APTIAD)United Nations Economic and Social Commission for Asia and the Pacific
Free trade agreements
Trade blocs
Treaties concluded in 1975
Treaties of Bangladesh
Free trade agreements of China
Treaties of India
Free trade agreements of South Korea
Treaties of Laos
Treaties of Sri Lanka
1975 in economics