With reference to Asia Pacific Trade Agreement AFTA consider the following statements 1 APTA is an i...........

Economic Affairs Foreign Trade - Trends and Policy

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With reference to Asia-Pacific Trade Agreement (AFTA), consider the following statements:

1. APTA is an initiative under the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP).

2. It comprises of six countries namely, Bangladesh, China, India, Lao PDR, Republic of Korea and Sri Lanka.

3. It is the oldest preferential trade agreement among developing countries in Asia-Pacific.

Which of the statements given above are correct?

1and 2 only

2 and 3 only

1 and 3 only

1, 2 and 3

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Explanation:

The results of 4th Round of negotiations under the Asia Pacific Trade Agreement (formerly Bangkok Agreement) among six countries, namely, Bangladesh, China, India, Lao PDR, Republic of Korea, and Sri Lanka, have been implemented with effect from 1st July 2018. APTA is an initiative under the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) for trade expansion through exchange of tariff concession, in place since 1975. APTA is an oldest Preferential Trade Agreement among developing countries in Asia- Pacific, under which the basket of items as well as extent of tariff concessions are enlarged during the trade negotiating rounds which are launched from time to time. Hence, all the above statements are correct.