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ASEAN
The Japanese government has decided to resume stalled talks with Asean over signing a free-trade deal from next month, as other Asian nations rush to conclude such agreements.
South Korea and the Association of Southeast Asian Nations (ASEAN) failed to agree on some details in the 10th round of their free trade agreement (FTA) talks this week, the country’s Agriculture Ministry said Friday.
The finance ministry has asked the commerce ministry to cover raw materials and intermediates in the free trade agreements (FTAs) being signed.
The UNCTAD negotiations held in Kochi to assess the impact of trade as per the WTO regime as well as the ASEAN FTA on the local agricultural and industrial sectors, elicited inadequate response from the stakeholders.
India and Asean (Association of South East Asian Nations) are struggling to reach an agreement on the list of sensitive items for the proposed free trade agreement (FTA) between the two sides. The sensitive or negative list contains items which will not be subjected to duty cuts agreed under the FTA.
Japan and the Association of Southeast Asian Nations agreed Saturday to resume official free trade agreement negotiations in March, as ASEAN welcomed Japan’s proposal of a common tariff-elimination method.
Vietnam and Japan will begin their first round of negotiations on a bilateral free trade agreement (FTA) in mid-February, local media on Monday quoted sources from the Vietnamese Trade Ministry.
The reduction of tariffs on wide range of agricultural products as mandated by Executive Orders 485 and 487 under the China-ASEAN FTA would impact the Philippines’ vegetable and fruit industries, a coalition of nongovernment organizations for the agriculture sector said.
India on Friday expressed its desire for eventually expanding the proposed comprehensive economic cooperation agreement (Ceca) with Asean to a pan-Asian pact covering six more countries including Japan, China, Korea, Australia and New Zealand, aiming at a common economic community in East Asia.
Since China and the ASEAN started their tariff reduction process on July 1, 2005 on the basis of the China-ASEAN Free Trade Area (CAFTA) agreement, the ASEAN would gradually lower its tariff upon Chinese textile and apparel, which may increase China’s textile export to this region.
EU-Asean free trade talks are at "an intense" exploratory stage and the third high-level meeting of trade officials from both regions is scheduled to take place in Bangkok next week, said EU envoy to Malaysia, Thierry Rommel.
The China-ASEAN FTA will form a huge market, with 1.85 billion consumers and a combined gross domestic product of almost US$2.5 trillion. Both sides hope to establish an FTA by 2010, and will gradually reduce export tariffs until then.
Association of South East Asian Nations (Asean) has demanded that all its members should be allowed to maintain separate negative lists with India in the free trade agreement (FTA) being negotiated between the two sides. It, however, wants India to have a common negative list for all the 10 Asean members.
With multilateral talks through the World Trade Organisation moving rather slowly, the engagement with the Asian Tigers seems to be the Indian ‘Elephant’ economy’s chance to catch up with the Chinese Dragon.
Indonesia could lose US$400 million in potential export revenues per year if it does not establish a free trade agreement (FTA) with Japan, while most other ASEAN members have done so to complement the region’s own free market in 2010, a study shows.
As a new sub-regional group, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is making its presence felt in this part of the world.
Thailand said it had refused to sign a trade agreement between South Korea and ASEAN, insisting that rice be included on the list of goods facing tariff cuts.
While it’s too early to judge the prospects for the "pan-Asian" free trade community mentioned in the inaugural East Asia Summit (EAS), Taiwan, which has been excluded from participating, should devise a strategy to avoid being marginalized before it’s too late, analysts said.
A quality free trade agreement (FTA) between countries should cover 90 to 95 per cent of their trade, Asean Secretary General Ong Keng Yong said Wednesday, adding that India’s long exclusion list of products hampered such a pact with Asean.
The impending free trade agreement with the 10 members of the Association of Southeast Asian Nations is expected to mark yet another leap for Korea in its pursuit of extensive trade ties in strategic markets.
