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Asia Pacific Trade Agreement Drishti Ias

In the longer term, Li called the agreement a “victory for multilateralism and free trade.” The fourth round, launched in October 2007, was to be closed by the Third Council of Ministers in October 2009. The objective of this round is to extend preference coverage to at least 50% of the number of customs positions of each member and to at least 20 to 25% of the value of bilateral trade. In addition, a customs concession of at least 50% (on average) will be introduced. The Asia-Pacific Trade Agreement (APTA), formerly known as the Bangkok Agreement[1] and renamed on November 2, 2005,[2] was signed in 1975. It is the oldest preferential trade agreement between countries in the Asia-Pacific region. Seven participating states – Bangladesh, China, India, Lao PDR, Mongolia, Republic of Korea and Sri Lanka – are parties to APTA. The APTA pact occupies the market for 2921.2 million people [2] and the size of this large market represents $14615.86 billion in gross domestic product (GDP) in the 2015-16 fiscal year. [3] APTA`s main objective is to accelerate economic development among the seven participating states that opt for trade and investment liberalization measures that, through the coverage of goods and services, synchronized investment and the free transfer of technology, will contribute to the coverage of intra-regional trade and economic strengthening. Its aim is to promote economic development and cooperation through trade liberalization measures. The AptA is open to all members of the United Nations Economic and Social Commission for Asia and the Pacific, which serves as the secretariat of APTA.

APTA members are currently participating in the fourth round of tariff concessions, which is expected to end in October 2009. [4] A product made in Indonesia, such as Australian parts, could expect tariffs elsewhere in the Asean Free Trade Area. Under the RCEP, the parts of all Member States would be treated in the same way, which could encourage companies in RCEP countries to look for suppliers in the commercial region.

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