The Asia Pacific Trade Agreement (APTA) is a regional trade agreement that was established in 1975. The APTA aims to promote economic cooperation between its member countries by reducing tariffs and other trade barriers. China is one of the founding members of the APTA, and it has played an important role in the agreement since its inception.
Recently, China notified the APTA Secretariat of its intention to apply the agreement to goods originating in Hong Kong, China. This move has significant implications for trade in the region, as Hong Kong is a major trading hub and a gateway to the Chinese mainland.
Under the APTA, member countries are allowed to apply the agreement to territories that are not fully autonomous in their external trade relations, provided that the territories have separate customs territories. Hong Kong has a separate customs territory from the Chinese mainland, and as such, it is eligible to be covered by the APTA.
The notification from China comes at a time when the global trade landscape is facing significant challenges. The COVID-19 pandemic has disrupted supply chains and forced many countries to reassess their trade policies. In addition, tensions between the United States and China have led to a trade war that has impacted the economies of both countries and others in the region.
The APTA provides a framework for countries to cooperate on trade issues and promote economic growth. By extending the agreement to Hong Kong, China is signaling its commitment to regional trade integration and cooperation. It also opens up new opportunities for businesses in Hong Kong to access markets in other APTA member countries.
The APTA currently has seven member countries: Bangladesh, China, India, Lao PDR, Mongolia, Republic of Korea, and Sri Lanka. The agreement covers more than 4.3 billion people and a combined GDP of over $23 trillion. By expanding the agreement to include Hong Kong, China, the APTA is further solidifying its position as a key player in regional trade.
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