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ASEAN–Australia–New Zealand Free Trade Area (AANZFTA) is a free trade area between ASEAN and ANZCERTA that was signed on 27 February 2009 and came into effect on 1 January 2010. Details of the AANZFTA agreement are available online. [27] ASEAN–China Free Trade Area (ACFTA), in effect as of 1 January 2010 [28]
The ASEAN Free Trade Area (AFTA), formed officially in 1993, was for the purpose of cutting tariffs on inter-regional trade to a maximum of 5% by 2008. [2] ASEAN is the third largest free trade agreement in the world after the EU and NAFTA and above MERCOSUR.
Launched on March 24, 1994 in Davao City, [5] BIMP-EAGA was formed by Brunei Darussalam, Indonesia, Malaysia and the Philippines to generate balanced and inclusive growth. As a sub-region of the Association of Southeast Asian Nations, it aims to contribute to regional economic integration in the ASEAN Economic Community.
The enlargement of the Association of Southeast Asian Nations is the process of expanding the Association of Southeast Asian Nations (ASEAN) through the accession of new member states. This process began with ASEAN's five original members, who founded the association through the signing of the Bangkok Declaration in 1967.
the ASEAN-India Trade in Goods (TIG) Agreement came into effect on 1 January 2010. [17] India has formally signed the Trade in Services & Trade in Investments Agreement with ASEAN. The Services Agreement will open up opportunities of movement of both manpower and investments from either side between India and ASEAN.
The aim of the agreement is to enhance economic and social benefits, improve living standards and ensure high and steady growth in real incomes in their respective territories by expansion of trade and investment flows, to promote economics development and to promote investment between Malaysia and India.
The Association of Southeast Asian Nations, [c] commonly abbreviated as ASEAN, [d] is a political and economic union of 10 states in Southeast Asia.Together, its member states represent a population of more than 600 million people and land area of over 4.5 million km 2 (1.7 million sq mi). [13]
The FTAAP would create a free trade zone that would considerably expand commerce and economic growth in the region. [46] [48] The economic expansion and growth in trade could exceed the expectations of other regional free trade areas such as the ASEAN Plus Three (ASEAN + China, South Korea and Japan). [49]