Asia Pacific Trade Agreement: Latest Developments

The Asia Pacific Trade Agreement (APTA,formerly the Bangkok Agreement) is an Agreement signed since 1975.

The current membership of APTA consists of six countries, namely, Bangladesh, China, India, Lao PDR, Republic of Korea, and Sri Lanka.

Three Rounds of tariff concessions have already been exchanged among the member countries till 2003.

The tariff concessions being granted to APTA member States, on Margin of Preference basis, are being expanded under the fourth round of exchange of tariff concessions.

The APTA Ministerial Council in its meeting held on 13th January, 2017 has formally approved the implementation of the fourth round of exchange of tariff concessions.

APTA is a preferential treaty based on Margin of Preference. Concessions on tariff lines offered by China and Korea, inter-alia, cover certain textiles and chemical products, which are likely to benefit the Indian exporters.

Some of items on which concessions have been offered by China and Korea include certain organic and inorganic chemicals, knitted and crocheted fabrics, and articles of apparel and clothing accessories etc.