Asia-Pacific Trade Ministers met in the third Asia Pacific Trade ministerial meeting on 15th December 2009 in Seoul, R.Korea
The third ministerial meeting of Asia Pacific Trade Agreement (APTA) was held in Seoul, R.Korea on 15th December 2009 hosted and chaired by the First Vice Minister of Strategy and Finance of the Republic of Korea, Hur Kyung-Wook. The meeting was also attended by ministers or vice ministers from the five APTA members as well as by ESCAP Deputy Executive Secretary Shigeru Mochida. The six APTA participating states of Asian countries include the region’s three largest economies: China, India and the Republic of Korea, and the other three countries include Lao PDR, Bangladesh, and Sri Lanka. A representative from Lao PDR is Dr. Nam Viyakhet Minister of Industry and Commerce.
The meeting announced further tariff reductions as part of the Asia-Pacific Trade Agreement (APTA) on 15th January 2009. The announcement came at the conclusion of the third APTA ministerial council in Seoul, during which the accession process for Mongolia to become an APTA member was also formally begun. The six APTA members furthermore committed to expanding their cooperation into investment and trade facilitation by signing framework agreements on Trade facilitation, and on the Promotion Protection and Liberalization of Investment. In addition to that, the framework agreement on Promotion and Liberalization of trade in services was concluded and will be signed in early 2010. In their declaration, the ministers called for further tariff liberalization and negotiations into additional areas of cooperation. They also reaffirmed their commitment to expanding membership in the pact into “a truly pan-Asia-Pacific Trade Agreement.”
APTA is the only regional trade agreement which links East, Southeast and South Asia. Negotiated under the auspices of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), it was concluded in 1975 and was originally called the Bangkok Agreement.
