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Asia-Pacific Trade Agreement

In 1975 the Asia-Pacific Trade Agreement (APTA) was signed as an initiative of

Economic and Social Commission for Asia and the Pacific (ESCAP) it was the oldest
preferential trade agreement among most developing countries. The Asia-Pacific Trade
Agreements was established to promote economic growth through the implementation of
beneficial trade liberalization measures that contributes to intra-regional trade expansion as well
as provide for economic integration through coverage of merchandise goods services,
investments and trade facilitation. (ESCAP) The Asia-Pacific Trade Agreement is a region-wide
trade agreement. APTA is the first agreement among the developing countries in the region to
accept common operational procedures for certification and verification of the origin of goods.
The Asia-Pacific Trade Agreement has the longest enactment period amongst the trade
agreements in the entire Asia-Pacific. (ESCAP)
On October 4, 2015 the 12 Trans-Pacific Partnership (TPP) Countries Australia, Brunei
Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United
States, and Vietnam announced conclusion of their negotiations. The agreement is balanced
and comprehensive that will promote economic growth as well as support, create and retain jobs,
enhance innovation productive and competitiveness. There are five key features of the TransPacific Partnership agreement. (USTR, 2015)

Comprehensive market access Eliminates or reduces tariff and non-tariff

barriers across substantially all trade in goods and services and covers the full
spectrum of trade, including goods and services trade and investment, so as to

create new opportunities and benefits for our businesses, workers, and

consumers. (USTR, 2015)

Regional approach to commitments Facilitates the development of production
and supply chains, and seamless trade, enhancing efficiency and supporting our
goal of creating and supporting jobs, raising living standards, enhancing
conservation efforts, and facilitating cross-border integration, as well as opening

domestic markets. (USTR, 2015)

Addressing new trade challenges Promotes innovation, productivity, and
competitiveness by addressing new issues, including the development of the
digital economy, and the role of state-owned enterprises in the global economy.

(USTR, 2015)
Inclusive trade Includes new elements that seek to ensure that economies at all
levels of development and businesses of all sizes can benefit from trade. It
includes commitments to help small- and medium-sized businesses understand the
Agreement, take advantage of its opportunities, and bring their unique challenges
to the attention of the TPP governments. It also includes specific commitments on
development and trade capacity building, to ensure that all Parties are able to meet
the commitments in the Agreement and take full advantage of its benefits.
(USTR, 2015)
Platform for regional integration Intended as a platform for regional economic
integration and designed to include additional economies across the Asia-Pacific
region. (USTR, 2015)

References
ESCAP. (n.d.). United Nations ESCAP Economic and Social Commission for Asia and
the Pacific. Retrieved from Asia-Pacific: http://www.unescap.org/apta

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USTR. (2015, October). Office of the United States Trade Representative. Retrieved
from Summary of the Trans-Pacific Partnership Agreement.