Explanation:

Third option is correct.

APTA (formerly Bangkok Agreement) 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 concessions among developing country members of the Asia Pacific Region, in place since 1975. APTA is a Preferential Trade Agreement, 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. ESCAP functions as the Secretariat to the Agreement.