The Asia-Pacific Trade Agreement (APTA) is a trade agreement that was established in 1975. It is the oldest regional trade agreement in Asia and is also known as the Bangkok Agreement. Initially, it was signed by seven countries, including Bangladesh, India, Pakistan, Sri Lanka, Laos, South Korea, and the Philippines. Over the years, more countries have joined the agreement, and it now includes China.
China officially joined the APTA in 2001, which marked a significant milestone for the country`s economic growth. As one of the largest economies in the world, China`s inclusion in the agreement was a major boost to the APTA`s overall trade volume. The agreement`s primary objective is to promote trade and economic cooperation among its member countries.
The APTA has worked towards achieving its objectives by implementing several measures such as reducing tariffs on goods traded among its member countries. By doing so, the agreement has helped promote foreign trade and investment in the Asia-Pacific region. Furthermore, it has encouraged the integration of the region`s economies, which has resulted in the development of a vibrant economic zone.
China`s inclusion in the APTA has benefited the country in various ways. For starters, it has enabled Chinese businesses to access new markets in the region. Additionally, the agreement has provided a framework for cooperation between China and other member countries, which has promoted trade and investment opportunities.
As part of the APTA, China has been working towards reducing trade barriers and promoting free trade in the region. The country has been proactive in implementing measures that help facilitate cross-border trade such as lowering tariffs, streamlining customs procedures, and removing non-tariff barriers.
In conclusion, the Asia-Pacific Trade Agreement is a critical trade agreement that promotes trade and economic cooperation among its member countries. China`s inclusion in the agreement has been a significant boost to the region`s economic growth, and it has provided numerous opportunities for Chinese businesses to access new markets. Going forward, it is important for APTA member countries to continue working together to strengthen the agreement and promote free trade in the region.