Asia Pacific Trade Agreement

Fifteen nations in the Asia-Pacific region signed the world`s largest free trade agreement on Sunday. According to the Association of Southeast Asian Nations (ASEAN), RCEP members together account for nearly one-third of the world`s population and represent a similar share of the global economy and trade. The Peterson Institute for International Economics estimates that the new agreement could potentially grow the global economy by $186 billion per year. In a joint statement, the countries` heads of state and government said the trade agreement would be a decisive part of their post-pandemic recovery plans that forced countries around the world to block their economies. In a joint statement, RCEP leaders said the signing of the agreement “shows our strong commitment to supporting the economic recovery” following the pandemic recession, with job creation and “open, inclusive, rules-based trade and investment.” It would have been the third LARGEST economy in the RCEP, so yes. On the other hand, its withdrawal has removed one of the main obstacles to the pact, which the remaining 15 members hope will help them meet the unprecedented challenge that the Covid 19 pandemic has created for trade, supply chains and investment. For its part, China tried to integrate more with its neighbors when the Trump administration pushed them to avoid Chinese infrastructure credits and 5G technology. China says India is welcome to return to board whenever it is ready. Chinese Premier Li Keqiang on Sunday called the agreement a “victory for multilateralism and free trade,” according to a report by the state-run Xinhua news agency. Many Member States have already concluded free trade agreements, but there are restrictions. The Asia-Pacific Trade Agreement (APTA), formerly known as the Bangkok Agreement[1] and renamed on November 2, 2005,[2] was signed in 1975. It is the oldest preferential trade agreement between countries in the Asia-Pacific region.

Seven participating states – Bangladesh, China, India, Lao PDR, Mongolia, Republic of Korea and Sri Lanka – are parties to APTA. The APTA pact occupies the market for 2921.2 million people [2] and the size of this large market represents $14615.86 billion in gross domestic product (GDP) in the 2015-16 fiscal year. [3] APTA`s main objective is to accelerate economic development among the seven participating states that opt for trade and investment liberalization measures that, through the coverage of goods and services, synchronized investment and the free transfer of technology, will contribute to the coverage of intra-regional trade and economic strengthening. Its aim is to promote economic development and cooperation through trade liberalization measures. The AptA is open to all members of the United Nations Economic and Social Commission for Asia and the Pacific, which serves as the secretariat of APTA.

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