Asean Free Trade Agreement With External Partners

It stands as one of the largest and most important free trade areas in the world and together with its network of dialogue partners drove some of the world s largest multilateral forums and blocs including asia pacific economic cooperation east asi.

Asean free trade agreement with external partners. More than 99 percent of the products in the cept inclusion list il of asean 6 comprising brunei darussalam indonesia malaysia the philippines singapore and thailand have been brought down to the 0 5 percent tariff range. The asean free trade area afta 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. Under the ahkfta hong kong and singapore will grant tariff free access and will bind their customs duties at zero upon entry into force of the agreement. Asean integration in 2015 and the free trade agreements china has signed with asean and its members states will change the nature of china and asia focused manufacturing and exports.

Asean has five free trade agreements ftas with six dialogue partners namely china japan republic of korea india and australia and new zealand. The objectives of these ftas are to. Under the agreement the six original asean members and china decided to eliminate tariffs on 90 percent of their products by 2010 while cambodia lao pdr myanmar and vietnam commonly known as clmv countries had until 2015 to do so. The asean free trade area afta the asean free trade area afta has now been virtually established.

Since the signing of the agreement china has consistently maintained its position as asean s largest trading partner. The acfta agreement included provisions on economic co operation and identified areas for cooperation. I act as a catalyst in strengthening asean s trade and economic relationship with china japan republic of korea india and australia and new zealand among asean member states and the republic of korea by creating a large free trade area to provide. Asean india free trade area.

In this important issue of asia briefing we discuss these developments and how they will impact upon china and the global supply chain. In 2015 asean s total merchandise trade with china reached us 346 5 billion accounting for 15 2 percent of asean s total trade. Jakarta 11 june 2019 the asean hong kong china free trade agreement ahkfta enters into force today 11 june 2019 for hong kong and five asean member states namely lao pdr myanmar singapore thailand and viet nam. Asean member countries have made significant progress in the lowering of intra regional tariffs through the common effective preferential tariff cept scheme for afta.