Products that are not excluded from the CEPT-AFTA system are products on the list of highly sensitive products (i.e. rice) and the general list of exceptions. The Coordination Committee for the Implementation of the CEPTScheme for AFTA (CCCA) is currently reviewing all general exemption lists to ensure that only lists complying with Article 9(b)(1) of the CEPT Convention are included. You can stay up-to-date on the latest trade and investment trends across Asia by subscribing to Asia Briefing`s free update service with messages, commentary, guides and multimedia resources. « Ratification will likely be difficult in national parliaments, both because of anti-trade and anti-Chinese sentiment, » he added. ASEAN has sought to improve customs coordination through the implementation of the ASEAN Single Window Project. The ASEAN single window would allow importers to electronically enter all transaction information. This information would then be shared with all other ASEAN national customs authorities. During the same period, ASEAN officials signed five major free trade agreements (SAAs) with other countries in the Asia-Pacific region. Such measures have helped to reduce tariffs, streamline rules and simplify export and import processes in general. Therefore, these economic integration initiatives offer significant opportunities for asean-based companies.
In addition to the China-India Free Trade Agreement, ASEAN also has a combined free trade agreement with Australia and New Zealand, known as AANZFTA. The agreement, which will also be phased in, has eliminated tariffs on 67% of all products traded between regions and will be extended to 96% of all products by 2020. This is the first time that ASEAN has begun negotiations for a free trade agreement covering all sectors, including goods, services, investment and intellectual property rights, making it the most comprehensive trade agreement ever negotiated by ASEAN. For more details on this agreement, click here. The United States, the European Union and Japan remained ASEAN`s main export markets. Japan, followed by the US and the EU, was the main source of ASEAN imports. In the first half of 2002-2003, ASEAN-6 trade with major markets increased by 11.71 per cent for exports and 6.91 per cent for imports. However, ASEAN exports to the United States and India, as well as imports from Canada and India, declined over the same period. [Figure 5] An introduction to tax treaties across Asia In this issue of Asia Briefing Magazine, we see the different types of trade and tax treaties that exist between Asian nations.
. . .