{"id":507,"date":"2024-05-09T22:42:39","date_gmt":"2024-05-09T17:12:39","guid":{"rendered":"http:\/\/knowledgekart.in\/blog\/?p=507"},"modified":"2024-05-16T07:21:53","modified_gmt":"2024-05-16T01:51:53","slug":"india-to-provide-tariff-concessions-on-3142-items-to-apta-members","status":"publish","type":"post","link":"https:\/\/knowledgekart.in\/blog\/india-to-provide-tariff-concessions-on-3142-items-to-apta-members\/","title":{"rendered":"India to provide tariff concessions on 3,142 items to APTA members"},"content":{"rendered":"

India to provide tariff concessions on 3,142 items to APTA members<\/h2>\n
\"India<\/a>
India to provide tariff concessions on 3,142 items to APTA members<\/figcaption><\/figure>\n

Note4students<\/h2>\n
\n

Mains Paper 2: IR | Bilateral, regional & global groupings & agreements involving India &\/or affecting India\u2019s interests<\/em><\/strong><\/h2>\n<\/blockquote>\n

 <\/p>\n

From UPSC perspective, the following things are important:<\/p>\n

Prelims level:<\/strong>\u00a0Asia Pacific Trade Agreement (APTA), FTA & PTA<\/p>\n

Mains level:\u00a0<\/strong>India\u2019s trade\u00a0regime with LDC\u2019s<\/p>\n

News<\/h3>\n

More liberal policy for APTA members<\/strong><\/p>\n

    \n
  1. India has agreed to provide tariff concessions on 3,142 products to Asia Pacific Trade Agreement (APTA)<\/strong> members, including Bangladesh and Sri Lanka, from July 1<\/li>\n
  2. These duty concessions will be more for least developed countries (LDCs) and less for developing nations<\/li>\n<\/ol>\n

    Difference between FTA & PTA<\/strong><\/p>\n

      \n
    1. Under a free trade agreement, countries cut or eliminate duties on the most number of goods traded between them besides liberalizing norms to promote services trade and investments<\/li>\n
    2. But under a Preferential Trade Agreement, duties are eliminated on a certain number of identified items<\/li>\n<\/ol>\n
      \n

      Back2Basics<\/h3>\n

      Asia Pacific Trade Agreement (APTA)<\/strong><\/p>\n

        \n
      1. APTA is an initiative under the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) for trade expansion through exchange of tariff concessions among developing country members of the Asia Pacific Region<\/li>\n
      2. It is a preferential trade agreement (PTA), under which the basket of items, as well as extent of tariff concessions, are enlarged during the trade negotiating rounds which are launched from time to time<\/li>\n
      3. The six member countries are Bangladesh, China, India, Laos, Korea and Sri Lanka<\/li>\n
      4. It is in place since 1975<\/li>\n<\/ol>\n

        Asia-Pacific Trade Agreement<\/h1>\n

        The Asia-Pacific Trade Agreement (APTA)<\/b><\/a>, previously known as the Bangkok Agreement<\/b><\/a>[1]<\/a><\/sup> and renamed 2 November 2005, was signed in 1975. It is the oldest preferential trade agreement<\/a> between countries in the Asia-Pacific region. Seven Participating States- Bangladesh, China, India, Lao PDR, Mongolia,Republic of Korea, and Sri Lanka are the parties to the APTA. The APTA pact does occupy market for 2921.2 million people [2] and the size of this big market accounts US$14615.86 billion in terms of Gross Domestic Product (GDP) in the Fiscal Year (FY) 2015-2016.<\/sup>APTA\u2019s key objective<\/a> is to hasten economic development<\/a> among the seven participating states opting trade and investment liberalization measures that will contribute to intra-regional trade and economic strengthening through the coverage of merchandise goods and services, synchronized investment regime and free flow of technology transfer making all the Participating States to be in equally winsome situation Its aim is to promote economic development and cooperation through the adoption of trade liberalization<\/a> measures. APTA is open to all members of the United Nations Economic and Social Commission for Asia and the Pacific<\/a><\/b>, which serves as the APTA Secretariat. Members of APTA are currently participating in the Fourth Round of Tariff Concessions, which are expected to conclude in October 2009.<\/p>\n

        Member nations<\/span><\/h2>\n