The ASEAN Free Trade Area is a trade bloc agreement among the members of the Association of Southeast Asian Nations, signed on 28 January 1992 in Singapore and effective from 1 January 1993, intended to raise ASEAN's competitiveness as a production base by removing tariffs and non-tariff barriers among members and by attracting foreign direct investment. It now covers all ten ASEAN states, the original signatories Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand having since been joined by Vietnam, Laos, Myanmar and Cambodia. Its central mechanism, the Common Effective Preferential Tariff scheme, brings tariffs on qualifying goods down to a range of zero to five percent, with longer phase-in periods for newer members.
Facts
Geography
Country or Jurisdiction Served Country or Jurisdiction Served Country or Jurisdiction Served Country or Jurisdiction Served Country or Jurisdiction Served Country or Jurisdiction Served Founding Year Founding Date Classification
Institution SubtypeInternational Financial Institution 1 Sources
1. ASEAN Free Trade Area, Wikipedia
History, 1992
The AFTA agreement was signed on 28 January 1992 in Singapore.
lead paragraph, sentence beginning: When the AFTA agreement was originally signed, ASEAN had six
When the AFTA agreement was originally signed, ASEAN had six members, namely, Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand.
Introduction, institution-subtype-p2
It stands as one of the largest and most important free trade areas (FTA) 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 Asia Summit and Regional Comprehensive Economic Partnership.
In Group: Economic Communities and Trade Blocs of Asia and the Pacific, Lead
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.
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