AFTA
AFTA: ASEAN Free Trade Agreement. A preferential agreement covering trade in goods among the ASEAN countries. AFTA entered into force on 1 January 1993 and was realized for the six original signatories (Brunei Darussalam, Indonesia, Malaysia, Philippines, Singapore and Thailand) on 1 January 2002. Vietnam participates in AFTA on a limited basis for the time being, but it will take on the full obligations by 2006. Burma and Laos, which joined ASEAN in July 1997, will fulfil their tariff reduction commitments by 2008. The six original signatories extend tariff preferences to the other four ASEAN members (Cambodia, Laos, Mynamar and Vietnam) through the ASEAN Integration System of Preferences. Free trade under AFTA is assumed to be a tariff of up to 5%. The main mechanism for the tariff reductions under AFTA is CEPT (Common External Preferential Tariff). Goods traded preferentially are covered by the Inclusion List. For goods on the Temporary Exclusion List the preferential tariff will be phased in by 2003 at the latest. Tariff reductions are expected to take rather longer for goods on the relatively small Sensitive List of unprocessed agricultural products adopted in December 1995. Implementation of the new agricultural tariff reduction schedules began on 1 January 1996. AFTA also has a work program for the elimination of non-tariff measures. See also ASEAN Framework Agreement on Services and ASEAN Investment Area.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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