Asia Pacific Trade Agreement Pdf Download -IAS Exam Mains
Asia Pacific Trade Agreement Pdf Download -IAS Exam Mains -The Asia-Pacific Trade Agreement (APTA) is a preferential trade arrangement formerly known as the Bangkok Agreement.
The Bangkok Agreement, signed in 1975 as an initiative of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), is a preferential trade arrangement among developing countries.
Till now, signatories to the Agreement include China, Bangladesh, India, Lao, Republic of Korea and Sri Lanka. At the First Session of the Ministerial Council of the Bangkok Agreement in Beijing on November 2, 2005, representatives from the member countries endorsed the revised text of the Agreement and decided to rename the Agreement as the Asia-Pacific Trade Agreement.
Since Sep. 1 st, 2006, the outcome of the third round of tariff cut talks was successfully implemented by all members of APTA.
At present, the fourth round of negotiations is underway and it involves tariff concessions of trade in goods, trade in services, investment, trade facilitation, and non-tariff measures, etc.
The Union Cabinet approved a move for exchange of tariff concessions under the Asia Pacific Trade Agreement (APTA), towards expanding trade ties with five nations in the region, including China.
Since this is a preferential trade agreement, the basket of items as well as extent of tariff concessions are enlarged during the trade negotiating rounds from time to time, according to an official statement. Till date, three rounds of trade negotiations had taken place.
India is likely to benefit from offers of China and South Korea for duty concessions in sectors including textiles, chemicals and iron and steel.
Indian industry had not gained much from APTA so far, especially in textiles. India in return has offered duty concessions on rail rolling stock, nuclear reactors and fissile material to boost the ‘Make In India’ initiative.
About Asia Pacific Trade Agreement (APTA)
The Asia-Pacific Trade Agreement (APTA), previously named the Bangkok Agreement, was signed in 1975 as an initiative of Economic and Social Commission for Asia and the Pacific (ESCAP).
Being the oldest preferential trade agreement among developing countries in Asia-Pacific, APTA aims to promote economic development through the adoption of mutually beneficial trade liberalization measures that will contribute to intra-regional trade expansion and provides for economic integration through coverage of merchandise goods, services, investment and trade facilitation.
The Participating States also signed and ratified the following Framework Agreements:
- Framework Agreement on Trade Facilitation (15 December 2009)
- Framework Agreement on the Promotion, Protection and Liberalization of Investment (15 December 2009)
- Framework Agreement on the Promotion and Liberalization of Trade in Services (24 August 2011)