ASIA PACIFIC TRADE AGREEMENT (APTA) Answer: The Asia Pacific Trade Agreement (APTA) is a trade agreement among several countries in the Asia-Pacific region, including Bangladesh, China, India, Lao PDR, Korea, and Sri Lanka. The agreement aims to promote trade and economic cooperation among its member countries through the reduction of tariffs and other trade barriers. Answer: APTA was signed in 1975 as the Bangkok Agreement, and it came into force in 1976. It was later renamed as APTA in 2005. Answer: The current members of APTA are Bangladesh, China, India, Lao PDR, Korea, and Sri Lanka. Mongolia joined as the seventh member in 2021. Answer: The main objectives of APTA are to promote and increase trade among member countries by reducing and eliminating tariff and non-tariff barriers, to provide fair and equitable treatment to each other's goods, and to create a framework for cooperation in the fields of trade, investment, and technology transfer. Answer: APTA works by reducing and eliminating tariffs on certain products traded among member countries. Each member country has submitted a list of products that it is willing to reduce or eliminate tariffs on. These lists are called "Concession Lists." The reduction or elimination of tariffs on products in the Concession Lists takes place gradually over a period of time, in accordance with a predetermined schedule. Answer: The benefits of APTA include increased trade among member countries, which can lead to economic growth and development. The reduction of tariffs can also make products cheaper and more accessible for consumers in member countries. APTA also provides a framework for cooperation in the fields of trade, investment, and technology transfer, which can lead to further economic benefits. Answer: APTA has faced several challenges, including non-tariff barriers such as complex customs procedures, standards and certification requirements, and inadequate infrastructure. Some member countries have also been reluctant to fully implement the agreement, which has hindered progress. In addition, political tensions between some member countries have also affected the implementation of APTA. Answer: APTA is still in force, and negotiations are ongoing to expand the agreement and deepen economic cooperation among member countries. In recent years, there has been a renewed focus on the agreement, with member countries working to further reduce and eliminate tariffs and non-tariff barriers. |
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