What is the objective of FTA?
The FTA’s main goals are to bring down barriers in trading, specifically tariffs and import quotas. Generally speaking, such quotas are put in place to protect domestic industries and vulnerable producers., and encourage the free trade of goods and services among its member countries.
What is the purpose of Asean Free Trade Area AFTA?
The main objectives of the AFTA are to: create a single market and an international production base; attract foreign direct investments; and. expand intra-ASEAN trade and investments.
Why was AFTA created?
The primary goals of AFTA seek to: Increase ASEAN’s competitive edge as a production base in the world market through the elimination, within ASEAN, of tariffs and non-tariff barriers; and. Attract more foreign direct investment to ASEAN.
Is Asean a free trade zone?
Ten ASEAN nations, plus five other Asia-Pacific countries, have signed the world’s biggest trade deal in terms of GDP.
Which countries are free trade partners of ASEAN?
The Regional Comprehensive Economic Partnership (RCEP) is a comprehensive free trade agreement being negotiated between the 10 ASEAN Member States and ASEAN’s free trade agreement (FTA) partners viz. Australia, China, India, Japan, Korea and New Zealand.
When was the ASEAN free trade area created?
The creation of the ASEAN Free Trade Area (AFTA) was agreed at the 1992 ASEAN Summit in Singapore. The main objectives of the AFTA are to: expand intra-ASEAN trade and investments.
Who are the members of the ASEAN trade association?
The AFTA agreement was signed on 28 January 1992 in Singapore. When the AFTA agreement was originally signed, ASEAN had six members, namely, Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand. Vietnam joined in 1995, Laos and Myanmar in 1997 and Cambodia in 1999.
What are the objectives of the Free Trade Area?
Establishment of Free Trade Area, Objectives and General Definitions The objectives of this Agreement are to: progressively liberalise and facilitate trade in goods among the Parties through, inter alia, progressive elimination of tariff and non-tariff barriers in substantially all trade in goods among the Parties;
How big is the economy of the ASEAN region?
Collectively, ASEAN is the seventh largest economy with US$2.6 trillion Gross Domestic Product (GDP). The region’s growth rooted from the substantial intra-ASEAN trade activity with the value recorded at US$543.7 billion or 24 per cent from the grand total of ASEAN’s trade.