Asia Pacific Trade Agreement
Asia Pacific Trade Agreement
The Asia Pacific Trade Agreement, also known as the Bangkok Agreement was signed in 1975. It is the oldest preferential trade agreement between developing countries in the Asia-Pacific region. Its intention is to increase economic growth through mutually beneficial trade liberalization policies. APTA's Secretariat is composed of all developing members of the United Nations Economic and Social Commission for Asia and the Pacific. Measures such as the relaxation of tariff and non-tariff barriers and trade-related economic cooperation are adopted by the APTA countries. The signatories to the Agreement were Bangladesh, India, Lao People’s Democratic Republic, the Republic of Korea and Sri Lanka. Lao PDR has not issued customs notification on the tariff concessions granted, and hence is not a participating member. China's accession to the Agreement was accepted at the Sixteenth Session of the Standing Committee of the Bangkok Agreement in April 2000.
The Fourth Round of negotiations has now expanded its purview to include trade facilitation, trade in services, and investments. In addition, APTA members are exchanging information on non-tariff measures. This was the first free trade agreement India entered to, a significant diversion from its traditional closed-door economic policy at the time.
Institutional Framework:
The APTA is governed by three existing bodies: 1. The Ministerial Council: It provides overall policy direction for the agenda of the agreement as well as coordination and supervision. The Council meets at least once every two years, with the First Session held on 2 November 2005 in Beijing, China, and the Second Session held on 26 October 2007 in Goa, India and The Third Session held on 22 October 2009 in Seoul, Republic of Korea. 2. Standing Committee: The APTA is administered by a standing committee. Each member designates an active focal point and alternate focal point for this committee. 3. Secretariat: The APTA secretariat is composed of the member nations of the UN Economic and Social Commission for Asia and the Pacific.
