What are the goals of the Asean Free Trade Area?

The main objectives of the AFTA are to: create a single market and an international production base; attract foreign direct investments; and. expand intra-ASEAN trade and investments.

What is the purpose of free trade areas?

The primary purpose of a free-trade zone is to remove from a seaport, airport, or border those hindrances to trade caused by high tariffs and complex customs regulations.

What is the objective of joining the free trade for the member countries?

The FTA’s main goals are to bring down barriers in trading, specifically tariffs and import quotas. Generally speaking, such quotas are put in place to protect domestic industries and vulnerable producers., and encourage the free trade of goods and services among its member countries.

What is the name of the free trade area in ASEAN?

ASEAN–China Free Trade Area
Vietnamese alphabet Khu vực mậu dịch tự do Trung Quốc – ASEAN
Indonesian name
Indonesian Kawasan Perdagangan Bebas ASEAN-Tiongkok

What is the purpose of atiga?

ASEAN Trade in Goods Agreement (ATIGA) aims to achieve free flow of goods in the region resulting to less trade barriers and deeper economic linkages among Member States, lower business costs, increased trade, and a larger market and economies of scale for businesses.

What is the concept of free trade?

free trade, also called laissez-faire, a policy by which a government does not discriminate against imports or interfere with exports by applying tariffs (to imports) or subsidies (to exports).

What are the major free trade areas?

Members of AFTA comprise the ten Southeast Asian countries of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.

What is free trade area in international business?

A free trade area is a group of countries that have few or no barriers to trade in the form of tariffs or quotas between each other. Free trade areas tend to increase the volume of international trade among member countries and allow them to increase their specialization in their respective comparative advantages.

What is AFTA stand for?


Acronym Definition
AFTA Americans for the Arts
AFTA ASEAN Free Trade Association (less common)
AFTA Association for Temperate Agroforestry
AFTA American Family Therapy Association

What is ASEAN Trade in Service Agreement?

RECOGNISING that intra-ASEAN economic cooperation will. secure a liberal trading framework for trade in services which. would strengthen and enhance trade in services amongst. Member States; and. REITERATING our commitments to the rules and principles.

What are the advantages to member countries from the Asean Free Trade Area?

International businesses can benefit from ASEAN’s FTA network in the form of reduced importer costs, improved custom clearances, and increased access to products eligible for preferential treatment. Moreover, there are numerous tax and fiscal benefits such as tax holidays and deductions.

What is Chapter 1 of the ASEAN free trade area?

Chapter 1. Establishment of Free Trade Area, Objectives and General Definitions – ASEAN Australia New Zealand Free Trade Area Chapter 1. Establishment of Free Trade Area, Objectives and General Definitions The objectives of this Agreement are to:

What is the ASEAN-India trade area?

The ASEAN-India Trade Area (AIFTA) entered into force on January 1, 2010. The signing of the agreement paved the way for the creation of one of the world’s largest free trade area market, creating opportunities for over 1.9 billion people in ASEAN and India with a combined GDP of US$4.8 trillion.

What are the tax benefits of the ASEAN free trade area?

Moreover, there are numerous tax and fiscal benefits such as tax holidays and deductions. The ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) came into force in January 2010 and currently eliminates 90 percent of goods traded between ASEAN, Australia, and New Zealand.

What is the ASEAN free trade agreement with Australia?

In addition to the China and India FTA, ASEAN also has a combined FTA with Australia and New Zealand, known as the AANZFTA. The deal, also being phased in, has eliminated tariffs on 67 percent of all traded products between the regions, and will expand to 96 percent of all products by 2020.