Free trade area of the Association of South East Asian Nations
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Trade arrangements in Southeast Asia
The ASEAN Free Trade Area (AFTA)[1] is a trade bloc agreement by the Association of Southeast Asian Nations supporting local trade and manufacturing in all ASEAN countries, and facilitating economic integration with regional and international allies.[2][3][4] It stands as one of the largest and most important free trade areas (FTA) in the world, and together with its network of dialogue partners, drove some of the world's largest multilateral forums and blocs, including Asia-Pacific Economic Cooperation, East Asia Summit and Regional Comprehensive Economic Partnership.[5][6][7][8][9][10]
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. AFTA now comprises the ten countries of ASEAN. All the four latecomers were required to sign the AFTA agreement to join ASEAN, but were given longer time frames in which to meet AFTA's tariff reduction obligations.
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.
The primary mechanism for achieving such goals is the Common Effective Preferential Tariff scheme, which established a phased schedule in 1992 with the goal to increase the region’s competitive advantage as a production base geared for the world market.
^"AFTA & FTAs". ASEAN Secretariat. Archived from the original on 30 October 2012.
^"The ASEAN Free Trade Area: Reaching Its Target – Opening Remarks of H.E. Rodolfo C. Severino , Secretary General of the Association of Southeast Asian Nations, at the AFTA 2002 Sympossium". 31 January 2002. Retrieved 3 November 2019.
^"ASEAN Free Trade Area (AFTA Council)". ASEAN | One Vision One Identity One Community.
^"ASEAN leaders agree to create an ASEAN Free Trade Area - Singapore History". eresources.nlb.gov.sg.
^"India at the East Asia Summit". mea.gov.in. August 2018.
^"Trade agreements are in ASEAN's best interests". East Asia Forum. 6 February 2016.
^"ASEAN's role in Asia Pacific: In the driver's seat or just a back-seat driver?". ink.library.smu.edu.sg.
^"History". www.apec.org.
^Elec, Andrew. "Back to Canberra: Founding APEC". Retrieved 3 November 2019.
^"Understanding ASEAN free trade agreements". aseanbriefing.com. 13 February 2014.
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