The Asia Pacific Trade Agreement (APTA) is a free trade agreement that was signed by six countries in 1975. The agreement was originally known as the Bangkok Agreement and was signed by Bangladesh, India, Laos, South Korea, Sri Lanka, and Thailand.
Over the years, the APTA has grown to include additional countries. Today, it includes China and Mongolia as well. The agreement covers a wide range of goods and services, including agricultural products, textiles, electronics, and more.
The primary goal of the APTA is to increase trade between member countries. By eliminating tariffs and other trade barriers, the agreement makes it easier and more cost-effective for businesses to trade with one another. This can help to stimulate economic growth and development in the region.
The APTA is especially important for developing countries, such as Laos and Bangladesh, which may have limited access to international markets. By joining the agreement, these countries can benefit from increased access to larger markets in Asia and the Pacific region.
In addition to increasing trade between member countries, the APTA also helps to promote regional cooperation and integration. Member countries work together to promote sustainable economic development and improve the living standards of their citizens.
Overall, the Asia Pacific Trade Agreement is an important mechanism for promoting economic growth and development in the Asia Pacific region. By working together, member countries can create a more integrated and prosperous region for all of their citizens.