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The ASEAN Charter is intended to bolster the ASEAN Secretariat's ability to ensure consistent application of AFTA measures. ASEAN national authorities have also been traditionally reluctant to share or cede sovereignty to authorities from other ASEAN members (although ASEAN trade ministries routinely make cross-border visits to conduct on-site ...
The free trade agreement reduced tariffs on 7,881 product categories, or 90 percent of imported goods, to zero. [20] This reduction took effect in China and the six original members of ASEAN: Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand. The remaining four countries were supposed to follow suit in 2015. [21]
The Association of Southeast Asian Nations, [c] commonly abbreviated as ASEAN, [d] is a political and economic union of 10 states in Southeast Asia.Together, its member states represent a population of more than 600 million people and land area of over 4.5 million km 2 (1.7 million sq mi). [13]
Indonesian economic observers remarked that the free trade agreement may lead to increased imports of agricultural products, primarily Australian beef, which may displace the local cattle industry. [21] The Australian Labor Party has also questioned the treaty's clauses on investor-state disputes and on temporary Indonesian work in Australia. [22]
the ASEAN Korea Free Trade Agreement, [14] the trade in goods provisions came into effect on 1 June 2007, an agreement for trade in services was signed in 2007 and the trade in investments provisions were signed in 2009; [15] a free trade agreement with Australian and New Zealand (jointly) AANZFTA [16] that came into force on 1 January 2010;
Vietnam free trade agreement [3] China trade and economic agreement; Iran free trade agreement [4] Serbia free trade agreement [5] Singapore free trade agreement [6] European Union Armenia qualifies to export its products under the EU's Generalized System of Preferences (GSP) Georgia [7] Ukraine [8]
At the Second ASEAN-India Summit in 2003, the ASEAN-India Framework Agreement on Comprehensive Economic Cooperation was signed by the Leaders of ASEAN and India. The Framework Agreement laid a sound basis for the eventual establishment of an ASEAN-India Regional Trade and Investment Area (RTIA), which includes FTA in goods, services, and investment.
Signed in November 2020, RCEP is the first free trade agreement among the largest economies in Asia, including China, Indonesia, Japan, and South Korea. [4] The RCEP was conceived at the 2011 ASEAN Summit in Bali, Indonesia, while negotiations formally launched during the 2012 ASEAN Summit in Cambodia.