• Linkdin
Maximize your media exposure with Fibre2Fashion's single PR package  |   Know More

ASEAN Free Trade Area council meeting held in Vientiane

17 Sep '24
1 min read
ASEAN Free Trade Area council meeting held in Vientiane
Pic: ASEAN

Insights

  • The 38th ASEAN Free Trade Area council meeting held yesterday in Vientiane focused on expanding and improving intra-bloc trade connectivity; reducing trade barriers; and reviewing and approving reports from the ASEAN Economic Community and other committees.
  • By 2025, ASEAN is expected to achieve competitive, efficient and seamless intra-bloc movement of goods.
The 38th Association of Southeast Asian Nations (ASEAN) Free Trade Area (AFTA) council meeting held yesterday in Vientiane focused on expanding and improving intra-bloc trade connectivity; reducing trade barriers; and reviewing and approving reports from the ASEAN Economic Community (AEC) and other trade committees.

The meeting, chaired by minister of industry and commerce of Laos Malaythong Khommasith, was attended by ASEAN secretary general Kao Kim Hourn and trade ministers from the bloc’s member states, according to media reports from Laos.

Since the signing of AFTA in 1992, nearly 98.6 per cent of tariff lines have been zeroed out. This progress has significantly boosted intra-ASEAN trade, with 2023 figures showing trade within the region valued at $759 billion, representing 21.5 per cent of ASEAN’s total trade.

In 2010, ASEAN economic ministers agreed to sign the ASEAN Trade in Goods Agreement (ATIGA) in Thailand to offer a legal framework to realise free flow of goods in the region.

By 2025, ASEAN is expected to achieve competitive, efficient and seamless movement of goods within the region. Talks are under way to upgrade the ATIGA.

Fibre2Fashion News Desk (DS)

Leave your Comments

Esteemed Clients

Woolmark Services India Pvt. Ltd.
Weitmann & Konrad GmbH & Co. KG
VNU Exhibitions Asia
USTER
UBM China (Shanghai)
Tuyap Tum Fuarcilik Yapim A.S.
TÜYAP IHTISAS FUARLARI A.S.
Tradewind International Servicing
Thermore (Far East) Ltd.
The LYCRA Company Singapore  Pte. Ltd
Thai Trade Center
Thai Acrylic Fibre Company Limited
X
Advanced Search