regional trade agreements(rtas)

8/22/2019 Regional Trade Agreements(Rtas)

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REGIONAL TRADE

AGREEMENTS(RTAs)

INTRODUCTION


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RTAs

GATT rules on Regional Trade

Agreements, as laid down in GATT Article

XXIV and clarified in the Understanding on

the provision, permit departures from the

Most-Favoured Nation treatment as they

allow parties to an RTA (involving

developed countries) to grant each othertrade preferences without multilateralising

concessions.


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Objectives

a) eliminate barriers to trade in, and facilitate the

cross-border movement of, goods and services

between the territories of the Parties;b) promote conditions of fair competition in the free

trade area;

c) increase substantially investment opportunitiesin the territories of the Parties;


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d) provide adequate and effective protection andenforcement of intellectual property rights ineach Party's territory;

e) create effective procedures for theimplementation and application of thisAgreement, for its joint administration and for theresolution of disputes; and

f) establish a framework for further trilateral,regional and multilateral cooperation to expandand enhance the benefits of this Agreement.


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The Association of Southeast Asian Nations, or

ASEAN

primary goal:

to support sustainable economic growth and prosperityin the Asia-Pacific region,

to build a dynamic and harmonious Asia-Pacificcommunity by championing free and open trade and

investment, promoting and accelerating regional economic

integration


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RTAs

encouraging economic andtechnical cooperation,

enhancing human security, and

facilitating a favorable andsustainable business environment.

turn policy goals into concrete

results and agreements intotangible benefits.


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Brunei Darussalam then joined on 8

January 1984, Viet Nam on 28 July 1995,

Lao PDR and Myanmar on 23 July 1997,

and Cambodia on 30 April 1999, makingup what is today the ten Member States of

ASEAN.


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BIMSTEC

is bay of Bengal Initiative for Multi -

Sectoral Technical Economic Cooperation.

seven members; namely Bangladesh,

India, Myanmar, Sri Lanka, Thailand


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Later, in November 1997, Myanmar was

included as a member and in 2003 both

Nepal and Bhutan were granted

membership in the forum.


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Primary objectives of BIMSTEC

To create an enabling environment for rapideconomic development,

To accelerate social progress in the sub-region, To promote active collaboration and mutual

assistance on matters of common interest,

To provide assistance to each other in the form

of training and research facilities,


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To cooperate more effectively in joint efforts thatare supportive of,

To complementary to national development

plans of member states, To maintain close and beneficial cooperation

with existing international and regionalorganizations, and

To cooperate in projects that can be dealt withmost productively on a sub-regional basis andwhich make best use of available synergies


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BIM

BIMSTEC had two Summits:

The first one was held in Thailand in 2004 and

The second Summit was organized in New Delhi

in 2008.

It has identified fourteen priority areas where all

the member countries would cooperate with each

other;


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These areas are as follows:

Trade and Investment

Transport and Communication

Energy Tourism

Technology

Fisheries

Agriculture

Public Health

Poverty Alleviation


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BIM

Counter Terrorism and trans-National

Crime Protection of Bio-

Diversities/Environment and Natural

Disaster Management

Culture

People-to-people contact

Climate Change


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BIMSTEC countries have signed a

Framework

Agreement on Free Trade Area (BIMSTEC

FTA)

which aims to create a free trade area

within

BIMSTEC region by 2017 as a whole.


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FTAs

In December, 2009, Foreign Ministers of

all the member countries have signed the

Convention on Cooperation in Combating

International Terrorism, Trans-NationalOrganised Crime and Illicit Drug

Trafficking.


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BIMSTEC is one of the youngest regional

sub-groupings in the region and it has

potentials to clear many dark clouds fromthe regional sky.


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It has emerged in 1997 and this is 2010,

hence, the governments of the member

countries should not forget their promisesand expectations of the people.

regional trade agreements(rtas)

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