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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.
Substantial intra-ASEAN trade (which is growing, partly as a result of the ASEAN Free Trade Area (AFTA) and the ASEAN Economic Community.) and economic integration is an incentive for a monetary union. Member states currently trade more with other countries (80%) than among themselves (20%).
By 2015, ASEAN's total merchandise trade with China reached $346.5 billion (15.2% of ASEAN's trade), and the ACFTA accelerated the growth of direct investments from China and commercial cooperation. [6] In November 2022, China and ASEAN jointly announced the official start of the China-ASEAN FTA 3.0 negotiations.
ASEAN professes non-alignment as an organization, yet China is the largest trading partner for many ASEAN economies. Chinese companies see Southeast Asia as a key growth driver, as growth in China ...
South Asian Free Trade Area (SAFTA) - 2004 [5] East African Community (EAC) - 2005; ASEAN–Australia–New Zealand Free Trade Area (AANZFTA) - 2010 [6] Pacific Alliance Free Trade Area (PAFTA) - 2012 [7] Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) - 2018; African Continental Free Trade Area [8] - 2019
The ASEAN Free Trade Area (AFTA), formed officially in 1993, was for the purpose of cutting tariffs on inter-regional trade to a maximum of 5% by 2008. [2] ASEAN is the third largest free trade agreement in the world after the EU and NAFTA and above MERCOSUR.
The ASEAN–India Free Trade Area (AIFTA) is a free trade area among the ten member states of the Association of Southeast Asian Nations (ASEAN) and the Republic of India. The initial framework agreement was signed on 8 October 2003 in Bali , Indonesia .
Vietnam, although a relatively young and small nation, has successfully established trade relations with dozens of countries worldwide. This is especially evident in the number of free trade agreements (FTAs) that the country has signed and is participating in. Being part of the Association of Southeast Asian Nations (ASEAN), economic opportunities for Vietnam expands beyond bilateral trade ...