The fourth round of negotiations will focus on areas that go beyond traditional tariff concessions in order to deepen trade policy cooperation and integration. APTA members are currently negotiating three framework agreements on trade facilitation, trade in services and investment. In addition, APTA members exchange information on non-tariff measures. UNSCAP acts as the secretariat of the Asia-Pacific Trade Agreement and helps identify potential members who could participate in the agreement without harming their economies. UNSCAP also facilitates the negotiation of conditions between participating countries. The fourth round of negotiations between APTA members covers areas that go beyond traditional tariff concessions. In June 2016, it was reported that the Indian government was interested in developing trade relations with its neighbours by exchanging tariff concessions under the Asia-Pacific Trade Agreement (APTA), a lesser-known but very old trade agreement. In September 2016, the firm approved these concessions. APTA is considered part of India`s free trade agreements, although it is not a full-fledged free trade agreement. This is a preferential trade agreement covering certain tariff lines. However, almost all APTA products benefit from a tariff preference from the Central Board of Indirect Taxes – Customs Zoll. The list of products subject to expanded tariff concessions by Indian customs is increasingly updated during the negotiations. Some raw materials may be added by negotiation or removed under existing anti-dumping and countervailing rules.
The Asia-Pacific Trade Agreement (APTA), signed in 1975, is the oldest preferential trade agreement (EPA) between seven countries in the Asia-Pacific region, namely Bangladesh, China, India, LaoPDR, Mongolia, South Korea and Sri Lanka. It was originally known as the Bangkok Accord and was renamed APTA in 2005. The APTA region covers a market with a GDP of $15 trillion and represents nearly 3 billion people. Here are a few other notable things about APTA The Asia-Pacific Trade Agreement (APTA) was signed in 1975 between India, Bangladesh, the Republic of Korea, the Democratic People`s Republic of Lao and Sri Lanka.