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Asia Pacific Trade Agreement (Apta)

Asia Pacific Trade Agreement (Apta)
Ditambahkan pada : April 8th, 2021
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APTA, formerly the Bangkok Agreement, is a preferential regional trade agreement and aims to promote the economic development of its members by adopting mutually beneficial trade liberalization measures that contribute to regional trade expansion and economic cooperation. 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] In 2019, the number of exports from Member States accounts for 89.4% of total exports to Mongolia, while imports account for 38.7% (Mongolian Statistical Information Service, 2020). Indeed, adherence to the agreement should create an environment conducive to the expansion of foreign trade markets and export products should benefit from an average discount of 40% in the markets of China and South Korea4.

According to Mongolia`s list of offers for membership, there are 366 categories of raw materials, mainly water products, vegetables and fruits, animal and vegetable oils, mineral products, chemicals, wood, cotton yarn, chemical fibres, machinery, transport equipment, with MFN (most favoured nation), and MOP (Margin of Preference Rate) between 10 and 30% 5.

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