Asia Pacific Trade Agreement (Apta) – Accession Of China

After a long journey of more than a decade, Mongolia today officially joined the Asia-Pacific Trade Agreement (APTA). APTA is Mongolia`s first regional trade agreement with developing countries. The Asia-Pacific Trade Agreement (APTA) is a preferential trade agreement that was formerly known as the Bangkok Agreement. The Bangkok Agreement, signed in 1975 as an initiative of the United Nations Economic and Social Commission for Asia and the Pacific (UNSAP), is a preferential trade agreement between developing countries. China, Bangladesh, India, Laos, the Republic of Korea and Sri Lanka are among the signatories to the agreement. At the first meeting of the Council of Ministers of the Bangkok Agreement, held in Beijing on 2 November 2005, representatives of the Member States approved the revised text of the Agreement and decided to rename the Agreement as the Asia-Pacific Agreement. Rcep includes the 10-member bloc of the Association of Southeast Asian Nations and five other countries with which it has free trade agreements, namely Japan, South Korea, New Zealand, Australia and China. In 2019, the volume of exports of member countries represents 89.4% of all exports to Mongolia, while the volume of imports represents 38.7% (Statistical Information Service of Mongolia, 2020). Thus, its accession to the agreement aims to create a favorable environment for the expansion of foreign trade markets and export products should benefit from an average discount of 40% on the markets of China and South Korea4. . . .

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