Asia Pacific Trade Agreement India

“The economic benefits of the agreement may be marginal for Southeast Asia, but there are some interesting trade and customs dynamics for Southeast Asia,” said Nick Marro of the Economist Intelligence Unit (EIU). The AptA recognises the specific needs of LDCs and calls for concrete preference measures in its favour (Article 3). Participating states can grant special concessions to least developed countries (Article 7) and commit to paying particular attention to NDC requests for technical assistance. In practice, most members have made special concessions to LDCs in successive rounds of trade liberalization (see here lists of concessions for the fourth round). 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] The fourth round of negotiations deals with areas that go beyond traditional tariff concessions, in order to deepen cooperation and trade integration.