Asia Pacific Trade Agreement

Asia-Pacific Trade Agreement

The Asia-Pacific Trade Agreement (APTA), formerly known as the Bangkok Agreement, is a preferential trade agreement between Bangladesh, China, India, Lao People’s Democratic Republic, Republic of Korea and Sri Lanka. The aim of the Agreement is to reduce tariff barriers to trade in goods among the Member States.

In 2005, the Member States announced a major revision of the Agreement. The Revised APTA (R-APTA) includes a new rule-based mechanism for negotiations among the Member States and new schedules for reduction and elimination of tariffs. The R-APTA comes into effect from 11 April 2006, with the completion of the ratification process required by each Member State.

In December 2018, during the Fourth Meeting of the APTA Ministerial Council in Seoul, Republic of Korea, the Member States concluded negotiations to broaden and expand the Agreement.

The Member States have agreed to establish a tariff-free trade area in industrial goods, while reducing or eliminating tariffs on imports of agricultural and fish products. The Agreement also includes provisions on rules of origin, customs procedures and enforcement. The Agreement is expected to bring substantial benefits to the Member States in terms of greater economic integration and trade liberalization.

The Agreement is expected to lead to closer economic links among the Member States and to facilitate the development of value chains in the region. The Member States will benefit from a stable and predictable trading environment, with improved market access and investment opportunities.

The Agreement will also help the Member States to strengthen their collective capacity to take advantage of the opportunities presented by the global economy. The Member States will be able to share experiences and best practices in the areas of tariff liberalization, rule of origin, customs procedures, dispute settlement and other areas.

The Agreement will also aim to promote the production of value-added goods and services in the region and facilitate greater exchange of information and technology.

The Agreement also seeks to facilitate the transfer of technology and to create new economic opportunities for the Member States by providing a platform for the exchange of ideas, experiences and best practices in areas such as tariff preferences, rules of origin and customs procedures.

The Agreement will contribute to global efforts to reduce poverty, foster economic growth, and promote sustainable development. The Agreement will enable the Member States to take advantage of the opportunities presented by increased economic integration and to benefit from improved market access, investment opportunities and improved economic cooperation among them.

The Agreement will also help promote sustainable development in the region by facilitating trade in green technologies and developing renewable sources of energy.

The Member States are committed to ensuring that the Agreement is implemented in a comprehensive, transparent, and accountable manner. To this end, the Member States will ensure that each Member State meets its obligations under the Agreement, and that all agreements are fully respected and implemented.

The Member States will also seek to create an enabling environment for the development and promotion of SMEs, cooperatives, and other micro and small businesses, in order to ensure the greatest possible benefits from the Agreement.

The Agreement will also build on strong social, economic and cultural links among the Member States, and seek to promote the shared values of peace, prosperity and solidarity.

The Member States have agreed to review the Agreement no later than five years after its entry into force, to ensure that its provisions remain relevant and effective.

The Agreement will enter into force upon completion of ratification process by all Member States.

In conclusion, the Asia-Pacific Trade Agreement provides an important platform for regional economic integration and trade liberalization. The Agreement is expected to result in substantial benefits for the Member States, and to contribute to the development of a more prosperous, stable and equitable regional economic environment.

The Asia-Pacific Trade Agreement (APTA) is a regional trade agreement between seven economies of East Asia and South Asia. It was initially signed in 1975, and has been revised and expanded several times since then. The APTA is aimed at promoting economic development and regional integration through free trade and investment activities.

The original agreement includes Afghanistan, Bangladesh, India, Laos, Nepal, Pakistan, and Sri Lanka. In 2007, Mongolia was added as an eighth member. The APTA is the oldest trade agreement in Asia, providing mutual recognition of preferential market access in the seven original signatories. It is also the first regional trade agreement in Asia and serves as a model for future regional trade agreements.

The APTA provides members with a preferential market access arrangement. It eliminates tariffs on a selected number of products, provides some qualitative preferences, and adopts disciplines and rules on a number of other trade areas. In 2013, the eighth round of negotiations was finalized and the updated version of the APTA was signed by all eight members. The updated version further expanded the agreement to cover a range of new products, and clarified and strengthened the rules regarding dispute settlement and other trade related disciplines.

The overarching goal of the APTA is to strengthen the economic and trade relations between the member countries and to facilitate inter-regional trade. The agreement provides for a system of special and differential treatment for developing member countries and offers them flexibility in fulfilling their commitments. It also establishes rules of origin and other disciplines to ensure competitive and balanced trade.

The APTA is a key part of the region’s economic and trade landscape and serves as a model for other regional trade agreements. It has been instrumental in facilitating market access, promoting trade liberalization, and developing competitive and balanced economic relationships between the members. It has also contributed to sustainable economic growth and development across the region.