ASEAN Free-Trade Area

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ASEAN Free-Trade Area

An agreement between members of ASEAN that seeks the reduction and/or elimination of tariffs between members at the encouragement of foreign direct investment. Goods originating in an ASEAN member state and exported to another may not have a tariff higher than 5% of the value of the good. It was signed in 1992 and became operational in 2003. Since it was originally created, prospective members of ASEAN have been required to sign on to the Free-Trade Area.
References in periodicals archive ?
White, III, Note, From Snowplows to Siopao--Trying to Compete in a Global Marketplace: The ASEAN Free Trade Area, 8 TULSA J.
Moreover, the delay in the implementation of some intra-regional trade and investment liberalisation measures has certainly affected the move towards a more closely knit regional economic grouping including the achievement of the ASEAN Free Trade Area and the ASEAN Investment Area.
One of these steps is to hasten the reduction of `exclusion lists' for the ASEAN Free Trade Area (AFTA).
ASEAN Free Trade Area, APEC, and the WTO: How They Fit Together
Already the six ASEAN (Association of Southeast Asian Nations) countries have signed the ASEAN Free Trade Area (AFTA) plan, which calls for a mutually supportive economic zone encompassing Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Brunei Darussalam.
By late January, the Philippine government seemed to be coming to an agreement with its partner governments in the ASEAN block over the implementation of the ASEAN Free Trade Area (AFTA).
Under the Asean Free Trade Area (Afta), the trade in cement is subject to zero tariff and duties.
The review covers the following: (i) ASEAN Charter, which transitioned ASEAN from an informal grouping into a rules-based organization; (ii) ASEAN Trade in Goods (ATIGA) with the ASEAN Free Trade Area (AFTA) as its foundation; (iii) ASEAN Comprehensive Agreement (ACIA) that replaced the Framework Agreement on the ASEAN Investment Area (AIA) and the ASEAN Agreement for the Promotion and Protection of Investment; (iv) ASEAN Framework Agreement on Services (AFAS); and (v) ASEAN Protocol on Enhanced Dispute Settlement Mechanism (EDSM).
PNA) - The Department of Labor and Employment (DOLE)'s Bureau of Workers with Special Concerns (BWSC) is set to help sugar workers become entrepreneurs in an effort to help them brace for any critical conditions once the economic integration of ASEAN takes place with the realization of the ASEAN Free Trade Area in 2015.
The China and Asean Free Trade Area, or CAFTA, came into effect in January 2010.
By 2010, major FTAs, including the ASEAN Free Trade Area (AFTA), the Korea-ASEAN FTA and the China-ASEAN FTA, will basically eliminate duties on many items, further enabling firms to utilize such business strategies.
Under the ASEAN Free Trade Area tariff reduction scheme, ASEAN's more advanced economies -- Singapore, Malaysia, Thailand, Indonesia, the Philippines and Brunei -- now have only until 2010 to eliminate tariffs to zero percent, while less-developed members Vietnam, Myanmar, Cambodia and Laos have until 2015 to play catch-up.

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