ASEAN Free Trade Area and the Background of Logistics in Malaysia Business Essay
The ASEAN - Hong Kong, China Free Trade Agreement AHKFTA has entered into force. Under that agreement, Malaysia will eliminate customs duties on products traded with Hong Kong within 10 years and reduce tariff lines for years. The Trans-Pacific Partnership Agreement (TPPA) was signed. RCS: The process of establishing the ASEAN Free Trade Area is on track and accelerating. For the six original signatories, AFTA has progressed toward completion. By then, the products of these countries subject to AFTA treatment will have tariffs of - cents. The ASEAN Cooperation Project is one of the means to facilitate ASEAN's integration and community building process. The ASEAN Cooperation Project addresses challenges at the regional level and creates synergies with other initiatives addressing the same issues. It can be implemented in the short, medium or long term. As a small, open economy, these free trade agreements are important for Malaysia to attract foreign direct investment. Additional foreign direct investment will in turn help the country transition to the Fourth Industrial Revolution, supported by automation and digitalization solutions. Malaysia is keen to move away from manufacturing low value-added products. These benefits should translate into strong growth in ASEAN trade, especially compared to the rest of the world. BCG predicts that ASEAN trade will. 5, growth, where global trade expansion is expected to grow. 5 per year during the same period. ~ Largest free trade zone in the world with a combined market. and a GDP of about $9. China is the region's largest trading partner. ASEAN-China trade reached the seventh share of ASEAN's total US trade. ASEAN to improve logistics services. 2. CEBU CITY, 2 - Today, policymakers, regulators and industry players concluded a week of intensive conferences and seminars aimed at improving the productivity and competitiveness of ASEAN's logistics services. Senior officials of ASEAN and members of, determined to explore options to address the global economic slowdown, the Heads of State of the Governments of the ASEAN Member States and the ASEAN Free Trade Agreements, namely: Australia, China, India, Korea , Japan and New Zealand have officially launched negotiations on the Regional Comprehensive Economic Partnership (RCEP). The,