Member economies of the Asia-Pacific Economic Cooperation forum (APEC)
are striving to forge a regional free trade facility to be known as FTAAP (Free
Trade Area of Asia-Pacific).
The following is operating and
negotiating FTA agreements with APEC member economies.
Operating FTA agreements:
NAFTA - signed in December of
1992 and known in full as the North American Free Trade Agreement, it has
removed taxes on products traded between Canada, Mexico and the United States;
it also protects copyright, patents and trademarks; it was updated with the
North American Agreement on Environment Cooperation.
APTA (Asia-Pacific Trade
Agreement) - signed in 1975 as the longest standing preferential trade
agreement among developing countries in the Asia-Pacific region, it is aimed at
promoting economic development and cooperation through the adoption of mutually
beneficial trade liberalization measures; the Asia-Pacific Trade Agreement bloc
includes Bangladesh, China, India, South Korea, Laos, Sri Lanka, Nepal and the
Philippines; the accord opens to all developing members of the UN Economic and
Social Commission for Asia-Pacific.
AFTA (ASEAN Free Trade Area) -
signed in January of 1992, it covers all 10 ASEAN members of Brunei, Cambodia,
Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and
Vietnam and is aimed at increasing ASEAN's competitiveness as a production base
through elimination of tariffs and non-tariff barriers.
TPP - signed in 2005, it is known
in full as the Trans-Pacific Partnership which is a multilateral free trade
accord that strives to liberalize the economies of the Asia-Pacific region; it
originally included Australia, Brunei, Canada, Chile, Malaysia, Mexico, New
Zealand, Peru, Singapore, the United States and Vietnam. Now negotiations have
been underway to include more countries from the region.
Negotiating FTA agreements:
AEC - fully known as the ASEAN
Economic Community, it is aimed at achieving a single market for free movement
of goods, services, capital and skilled laborers among the ASEAN members.
EAFTA - or East Asia Free Trade
Agreement or ASEAN+3 (China, Japan and South Korea), it is aimed at forging a
free trade area among these economies.
CEPEA - or Comprehensive Economic
Partnership for East Asia or ASEAN+6 (Australia, China, India, Japan, New
Zealand and South Korea), it is aimed at forming a free trade area.
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