APTA Member Countries Move to Boost Trade in the Region

13 January 2017

Bangladesh, China, India, Laos, South Korea, and Sri Lanka, member countries of the Asia-Pacific Trade Agreement (APTA), moved to expand trade and boost growth in the region by agreeing to increase the number of products under preferential tariff treatment, from 4,270 to 10,677 items, at the 4th session of the APTA Ministerial Council, held on 13 January 2017 in Bangkok, Thailand.

Dr. Shamshad Akhtar, Undersecretary General, United Nations (UN), and Executive Secretary, Economic and Social Commission for Asia and the Pacific (ESCAP), emphasized that APTA remains the only operational regional trade agreement linking China and India, two of the fastest growing markets of the world with a combined consumer base of over 2.6 billion people. She noted that trade is key to the success of the 2030 Agenda for Sustainable Development.

Bangladesh Commerce Minister Tofail Ahmed remarked that this development will further enhance mutual relations between the countries, as well as employment opportunities, and assist APTA members in achieving the Sustainable Development Goals.

Sri Lanka Minister of Industry and Commerce Rishad Bathiudeen lauded the move as a significant advancement toward broadening the APTA agenda from trade in goods to liberalization of services, investment and trade facilitation. He urged the early conclusion of negotiations on commitments to pave the way for further expansion of trade, investment, and economic integration.

APTA was signed in 1975 as an initiative of ESCAP. It aims to promote economic development through adoption of mutually beneficial trade liberalization measures that will contribute to intra-regional trade expansion and provides for economic integration through coverage of merchandise goods, services, investment and trade facilitation.

 

Related Links:

The Government of Bangladesh has launched a fully automated trade clearance system, making the submission and issuance of...

Read More


Assam and Bhutan have pledged to strengthen their bilateral tourism ties by collaborating on smoother and more accessible...

Read More


The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) celebrated its 28th Anniversary on 16...

Read More


Nepal began its regular export of electricity to Bangladesh, by sending 40 megawatts (MW) of electricity through India's...

Read More


In a landmark move to enhance tourism cooperation between India and Nepal, the Indian Association of Tour Operators...

Read More


Reliance Power of India has signed a major agreement with Green Digital Private Limited, a Bhutan government-owned entity,...

Read More


The Adani Group of India and the Druk Green Power Corporation (DGPC) of Bhutan have signed a landmark...

Read More