When was the ASEAN Free Trade Area AFTA established?

When was the ASEAN Free Trade Area AFTA established?

The creation of the ASEAN Free Trade Area (AFTA) was agreed at the 1992 ASEAN Summit in Singapore.

Why was the ASEAN Free Trade Area AFTA implemented?

To support economic cooperation between member countries, the ASEAN Free Trade Area (AFTA) was established in 1992. This agreement was aimed at eliminating tariff barriers among member countries and creating regional market of 500 million people.

What is the free trade referred to as AFTA?

A free trade agreement (FTA) is an international treaty between two or more economies that reduces or eliminates certain barriers to trade in goods and services, as well as investment.

What is AFTA and its purpose?

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.

Who is the founder of AFTA?

The Association of Southeast Asian Nations, or ASEAN, was established on 8 August 1967 in Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration) by the Founding Fathers of ASEAN: Indonesia, Malaysia, Philippines, Singapore and Thailand.

What countries are in AFTA?

An intergovernmental agreement signed by ASEAN (Association of Southeast Asian Nations: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam) on 28 January 1992 in Singapore.

What is the benefit of AFTA?

Benefits include reduced importer costs, improved customs clearance times, less complicated trade procedures, and increased access to a wide range of products eligible for preferential treatment. However, AFTA doesn’t make trade less complex.

How many members are in AFTA?

Brunei Darussalam joined ASEAN on 7 January 1984, followed by Viet Nam on 28 July 1995, Lao PDR and Myanmar on 23 July 1997, and Cambodia on 30 April 1999, making up what is today the ten Member States of ASEAN.