BEIJING, Nov 7: China and five other countries South Korea, India, Bangladesh, Sri Lanka and Laos at their ministerial-level meeting held here unanimously decided that the membership and scope of the Bangkok Agreement should be further expanded.
While converting the name of Bangkok agreement as Asia-Pacific Trade Agreement (APTA), they were agreed in principle that other regional countries like Pakistan should also be allowed to work as its active members, promoting intra-regional trade.
Sources told APP that Pakistan had applied for its full membership since 1998, and looking forward for sharing the trade concessions, provided by the respective countries on certain industrial and agricultural products.
The Bangkok Agreement, established in 1975, served as a preferential tariff arrangement aimed at promoting intra-regional trade, covering trade between the six member states.
Commercial Counsellor in Pakistan Embassy Shahid Mahmood, who represented Pakistan in its capacity as associate member at the meeting said, “We wish to join the regional forum as an equal partner.” Pakistan, he added attached great importance to work more closely with China and other member countries to develop mutually beneficial economic relationship.
The first ministerial council meeting agreed to kick off the third round preferential tariff rates from next July, China’s Ministry of Commerce said. It was decided to set preferential tariff rates for some 4,000 items, mainly textile and chemical products.
Initially, China granted concessions on 917 items (8 digit) to the other five members. According to the third round negotiation, now China has agreed to grant concessions on 1,697 items (8 digit) with an average concession rate of 27 per cent.
India would grant concessions on 570 items (6 digit), South Korea 1,367 (10 digit), Sri Lanka 427 (6 digit) and Bangladesh 209 (8 digit).
Meanwhile, the five members will grant concessions on about 2,000 items to China with an average concession rate of 30 per cent.
Delegates from Hong Kong, Macao, Georgia, Mongolia, Indonesia and the Philippines also attended the meeting held on Friday and expressed their desire to play active role making APTA an effective regional trade organization, the sources added.—APP
