Admin Table of Contents
What is AFTA and how does it work?
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.
What is the role of Asean in the world?
ASEAN’s purpose is to promote economic and cultural exchange among its member countries, maintain peace and stability in Southeast Asia, and establish relationships with foreign powers with similar aims.
What is Asean free trade agreements?
The Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) is an agreement between ASEAN Member States (Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam), Australia and New Zealand.
How many members does AFTA have?
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….Abstract.
| Author | |
|---|---|
| Classification | 202 – Trade in GoodsEconomic |
Who is the leader of Asean?
| ASEAN Summit | |
|---|---|
| Member state | Representative |
| – Association of Southeast Asian Nations – Member since 1 January 2018 – Election 2017 Next by 2022 | Secretary General Lim Jock Hoi ( Brunei) |
| – Republic of Indonesia – Member since 20 October 2014 – Election 2014, 2019 Next in 2024 | President Joko Widodo (PDI-P) |
When did Philippines join Asean?
2010. On 24 March, the Philippines deposited its instrument of ratification to the ASEAN Convention on Counter-Terrorism (ACCT), becoming the third state, after Singapore and Thailand, to ratify it. After six ASEAN member states ratify, ACCT will enter into force.
How do we benefit from 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.
Why was AFTA created?
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.
How do you become a member of AFTA?
If you are a travel agent (or other travel company eligible for accreditation) and wish to become an AFTA member you will first be required to become ATAS accredited. If you would like more information on AFTA membership or ATAS accreditation or require any assistance, please contact the team on 02 9287 9900.