The Bangkok Agreement

An Expert's View about Trade Agreements in India

Posted on: 3 Apr 2010

The First Agreement on Trade Negotiations among Developing Member Countries of the Economic and Social Commission for Asia and the Pacific, known as Bangkok Agreement.

THE BANGKOK AGREEMENT: PROSPECTS FOR TRADE EXPANSION IN THE ASIA-PACIFIC REGION THE BANGKOK AGREEMENT: PROSPECTS FOR TRADE EXPANSION IN THE ASIA-PACIFIC REGION By Sayantan Gupta* ABSTRACT The First Agreement on Trade Negotiations among Developing Member Countries of the Economic and Social Commission for Asia and the Pacific, known as Bangkok Agreement, was established in 1975 as Asia?s first multi-member preferential trade agreement (PTA) between developing countries. China?s accession has provided the Agreement with new impetus and it links East and South Asia covering two most populous countries including India. The Agreement is now known as Asia-Pacific Trade Agreement (APTA). The objective of this paper is to present the Bangkok Agreement in the light of current revitalization efforts and to assess its future in the broader picture of trade in the region. The paper begins by providing an overview of the Agreement and its potential and goes on to summarize the measures being implemented as part of the revitalization process. Further, the paper provides with the factsheet of AFTA, October, 2007 and goes on to highlight the Customs Tariff (Determination of Origin of Goods under the Bangkok Agreement) Rules, 1976. Moreover, an assessment of the Third Round of Negotiations that took place from October 2001 to April 2003 has been made while analyzing India. With the Fourth Round of Negotiations being scheduled to be completed by October 2009, the final section discusses as to what is needed to be done in the future in order to build on the current momentum within the Agreement, and thus permit it to maintain its relevance in the region. * The author can be reached at ?sayan.hnlu@gmail.com?. Complete mailing address: Namitalay, 511, Phulpukur Road, Chuchura, Hooghly ? 712101. West Bengal, India. Mob: 09004943793. 1 THE BANGKOK AGREEMENT: PROSPECTS FOR TRADE EXPANSION IN THE ASIA-PACIFIC REGION I. INTRODUCTION ESTABLISHED IN 1975, THE BANGKOK AGREEMENT IS THE OLDEST PREFERANTIAL TRADE AGREEMENT BETWEEN ASIAN DEVELOPING COUNTRIES. Recognizing the urgent need to take action to implement a trade expansion programme among the developing member countries of ESCAP pursuant to the decisions contained in the Kabul Declaration of the Council of Ministers on Asian Economic Co-operation and within the framework of the Asian Trade Expansion Programme which was adopted by the Intergovernmental Committee on a Trade Expansion Programme created under the Kabul Declaration; Guided by the principles contained in the New Delhi Declaration adopted at the thirty- first session of the Economic and Social Commission for Asia and the Pacific; Noting that the international community has fully recognized the importance of encouraging the establishment of preferences among developing countries at the international regional and subregional levels, particularly through the resolutions of the General Assembly of the United Nations establishing the International Development Strategy for the Second United Nations Development Decade and the Declaration on the Establishment of a New International Economic Order and the Programme of Action for the Establishment of a New International Economic Order; the Concerted Declaration on Trade Expansion, Economic Co-operation and Regional Integration among Developing Countries adopted at UNCTAD 11; as well as Part IV of the General Agreement on Tariffs and Trade and decisions made in pursuance thereof; Noting Further that developed and developing countries have already taken some major decisions intended to promote such type of preferential arrangements among developing countries as well as between developed and developing countries in terms favourable to the latter; The Governments of Bangladesh, India, Laos, the Philippines, the Republic of Korea, Sri Lanka and Thailand originally ratified The First Agreement on Trade Negotiations among Developing Member Countries of the Economic and Social Commission for Asia 2 THE BANGKOK AGREEMENT: PROSPECTS FOR TRADE EXPANSION IN THE ASIA-PACIFIC REGION and the Pacific, known as the Bangkok Agreement, in 1975 as Asia?s first multi-member preferential trade agreement (PTA) between developing countries. ESCAP has served as the interim secretariat to the Bangkok Agreement since its inception. In an important development, China acceded to the Agreement in 2001. Trade between Bangkok Agreement member countries has remained low throughout the Agreement?s history, and many PTAs in the region that were formed after the inception of the Agreement have overtaken it in terms of concessions offered, amount of intra- member trade generated and interest from prospective members and the world as a 1 whole. However, China?s accession has provided the Agreement with new impetus that could contribute to transforming the Agreement into a more dynamic PTA in the region. Member countries of the Agreement have recognized the importance of China?s accession and have launched a process to revitalize the Agreement. MEMBERSHIP IN THE BANGKOK AGREEMENT IS OPEN TO ALL DEVELOPING COUNTRIES IN THE REGION. With some of the major economies in the region participating in the Bangkok Agreement, it has the potential to become a major PTA in Asia and the Pacific. It is the only preferential trade agreement in force that links East and South Asia, as well as the two most populous countries in the world, China and India. The Agreement?s unique status as 2 the only PTA with membership open to all developing countries in the region further suggests that it can be a used as a mechanism to promote regional cooperation in trade, and perhaps also in related areas such as investment. The ongoing revitalization measures are crucial for the future of the Agreement, for it is through the implementation of those measures that its potential can begin to be realized. Full commitment by member countries will be required through the revitalization process and beyond, for in a region 1 In this paper, the term PTA will be used to describe all agreements that liberalize trade on a selective basis, that is, between a subset of member nations only. The definition therefore includes free trade agreements/areas (FTAs), which are PTAs that allow for full trade liberalization between members. Bilateral trade agreements (BTAs) are also included. Where necessary, a distinction will be made; the Bangkok Agreement, for example, is not an FTA. A preferential trade agreement of course only makes sense as long as its members offer more to each other than they do to the rest of the world; for member countries of a PTA that are also members of the WTO, commitments under the PTA should in some way go beyond commitments that have been made at the multilateral level. 2 More specifically, membership in the Bangkok Agreement is open to all developing member countries of ESCAP. 3 THE BANGKOK AGREEMENT: PROSPECTS FOR TRADE EXPANSION IN THE ASIA-PACIFIC REGION that is seeing several far-reaching trade liberalization initiatives, this may be the only way for the Agreement to maintain its relevance. II. SOME FACTS So far, the Bangkok Agreement has served as a forum for the exchange of tariff concessions on goods. Trade negotiations under the Agreement have followed the positive list, product-by-product, approach. Three full rounds of negotiations have so far been completed, and some additional modifications have occasionally been made to concession lists. At the end of the Third Round, the Participating States had exchanged 3 concessions on 4,270 products plus 587 products offered exclusively to LDCs , a marked 4 increase from the 1,721 products plus 112 products for LDCs before the Third Round. Since its inception, the Bangkok Agreement has been governed by a Standing Committee 5 consisting of representatives of member countries. Standing Committee meetings have become less than frequent over the years, and member country representation has not been at a level to necessarily warrant the attention of top trade policy decision makers or the media. In addition, unlike other PTAs, the Agreement has never had its own secretariat; member countries have relied on ESCAP to serve as the interim secretariat. The unfortunate result of these arrangements is that the Bangkok Agreement has remained a low-key agreement, relatively unknown to the general public. TRDAE BETWEEN THE BANGKOK AGREEMENT MEMBER COUNTRIES HAS REMAINED LOW. Throughout its history the Bangkok Agreement has also shown a less than satisfactory trade performance. In particular, the relatively high proportions of products from member 6 countries imported by Bangladesh and Sri Lanka come mainly from India. However, there exist several trade agreements that link these South Asian countries, and a host of other factors that contribute to the formation and maintenance of trading relationships have no doubt played a role in determining the pattern of trade flows in the subregion. 3 Concessions offered under the Bangkok Agreement are based on the Harmonized Commodity Description and Coding System (HS). Thus an ?item? as discussed here would be an HS product code, which typically is at the 6-digit level or higher under the Agreement. 4 Available at http://www.unescap.org/tid/apta/enterforce.pdf. (Visited on March, 13, 2008.) 5 More specifically, membership in the Bangkok Agreement is open to all developing member countries of ESCAP. 6 Available at http://www.unescap.org/tid/apta/3rdtariff.pdf. (Visited on March, 13, 2008.) 4 THE BANGKOK AGREEMENT: PROSPECTS FOR TRADE EXPANSION IN THE ASIA-PACIFIC REGION It may be said with some certainty that the relatively limited concessions that have been available under the Bangkok Agreement have not had an impact on intra-member trade flows. As a point of comparison, after three rounds of negotiations resulting in concessions on 5,550 items under the SAARC Preferential Trading Arrangement (SAPTA), debate continues as to whether these concessions have had a positive effect on intra-SAPTA trade. Of course, it is not simply the number of concessions that will determine the ability of a PTA to generate trade flows. The depth of concessions will also be an important determinant, and in this regard the preferences under the Bangkok Agreement have not only remained relatively low but have also become smaller in some cases when general tariff rates have been reduced with no appropriate correction in the rate offered under the Agreement. A third important determinant is the extent of inclusion of items actually traded (or items with a potential to be traded) in concession lists, and in this regard, member countries of the Agreement have granted minimal concessions in major import areas. In all of these respects, it would seem that the ASEAN Free Trade Area (AFTA) is substantially ahead of other established PTAs in the region.5 AFTA concessions are based on the negative list approach to trade liberalization, under which all items except those specified in the so-called negative list are eligible for preferential treatment. Provided that the negative list is not overwhelmingly large, this approach to trade liberalization will generally lead to a more comprehensive reduction in trade barriers than what can be achieved through the positive list approach. In the case of AFTA, all items covered by liberalization commitments are placed within the framework of the Common Effective Preferential Tariff (CEPT) scheme, which has specified a tariff range of 0-5 per cent. Through a number of initiatives to bring forward the dates for CEPT to come into force for different categories of products, as well as the eventual inclusion of unprocessed agricultural products under the scheme, AFTA member countries have demonstrated a convincing commitment to trade liberalization. It should be noted particularly that the response of AFTA members to the East Asian economic crisis of 1997-1998 was to accelerate the tariff reduction programme and lower the target tariff rate to zero. CHINA?S ACCESSION IS A MAJOR STEP FORWARD FOR THE BANGKOK AGREEMENT. 5 THE BANGKOK AGREEMENT: PROSPECTS FOR TRADE EXPANSION IN THE ASIA-PACIFIC REGION China entered the Bangkok Agreement with an offer of 739 items for general concession and an additional 18 items for special concession to least developed member countries. With the addition of China?s list of concessions, which came into force on 1 January 2002, a total of 1,670 items are now covered under the Bangkok Agreement, of which 7 112 are directed towards least developed countries. However, China?s accession should nevertheless be seen as a major step forward for the Agreement. First, China is a major trader in the world economy, ranking sixth worldwide in 2001 in terms of both merchandise exports and imports. Further, the combined populations of member countries of about 2.5 billion people make the Bangkok Agreement the largest PTA in the world in terms of population. With the presence of several major economies in the Agreement, particularly China, India and the Republic of Korea, the market potential within the Agreement is huge. China?s entry into the Agreement has therefore brought with it several interesting possibilities and could have profound implications for trade in the region. TRADE POTENTIAL WITHIN THE BANGKOK AGREEMET IS HIGH. Given that the Agreement is the largest PTA in the world in terms of population, and therefore market possibilities, it would seem that vast trading opportunities exist, particularly after the accession of China. III. REVITALIZATION PROCESS IN 2001, A NUMBER OF MEASURES TO REVITALIZE THE BANGKOK AGREEMENT WERE INITIATED IN AN EFFORT TO BRING THE AGREEMENT CLOSER TO ITS POTENTIAL In 2001, Bangkok Agreement member countries, recognizing the potential of the Agreement, particularly in the wake of China?s accession, agreed to launch a process to 7 China and India have taken some time to conclude their bilateral negotiations under the Bangkok Agreement, although recent press coverage indicates that agreement has been reached between these countries (see, for example, International Herald Tribune, 30 June 2003). The concession list of China summarized here does not include any agreement on product coverage that has been reached between China and India. The general concessions shown are offered to Bangladesh, the Republic of Korea and Sri Lanka, while special concessions to least developed countries are offered to Bangladesh. The Lao People?s Democratic Republic has been an inactive member of the Agreement thus far. 6 THE BANGKOK AGREEMENT: PROSPECTS FOR TRADE EXPANSION IN THE ASIA-PACIFIC REGION revitalize the Agreement. Three major measures have been agreed upon as part of the revitalization process. First, the text of the Agreement is being revised to reflect changes in the international trading system that has taken place since the Agreement was first established. Probably the most important development in the international trade arena since the birth of the Agreement has been the establishment of WTO in 1995, and the text of the Agreement now takes account of that institution and the trade agreements embedded therein. Second, a Ministerial Council has been established to provide overall supervision for the management of the Agreement. It is envisaged that the Ministerial Council, which will meet at regular intervals, will help to transform the Agreement into a more effective mechanism and will also raise its profile. Finally, a third round of negotiations has been launched. The revitalization measures can put the Bangkok Agreement on the right track, but in themselves will probably not be sufficient to allow the Agreement to realize its full potential. For example, much will depend on the long-term commitment shown by the Ministerial Council. Further, even though the third round will no doubt contribute to trade liberalization between members, negotiations in the round are limited to tariff concessions on goods. Given that tariffs worldwide continue to be brought down through multilateral negotiations, limiting the scope of the Bangkok Agreement in this way will not allow trade flows to increase as much as they could. It should also be noted that the positive list, product-by-product, approach to liberalization may be too narrow in scope to generate large increases in trade. It is perhaps more realistic, therefore, to view the revitalization measures as the building blocks, albeit important ones, necessary to turn the Agreement around. IV. FACTSHEET OF THE ASIA-PACIFIC TRADE AGREEMENT, OCTOBER 2007 The Bangkok Agreement as previously known is now known as Asia-Pacific Trade Agreement (APTA). APTA members are officially known as Participating States. INSTITUTIONAL ARRANGEMENTS 7 THE BANGKOK AGREEMENT: PROSPECTS FOR TRADE EXPANSION IN THE ASIA-PACIFIC REGION Ministerial Council: The Ministerial Council represents the highest decision-making authority. It provides overall policy direction for the future negotiating agenda of the Agreement, as well as supervision and coordination of the implementation of the Agreement. The Council meets at least once every two years. The First Session of the Ministerial Council was held on 2 November 2005 in Beijing, China. The Second Session of the Council was held on 26 October 2007 in Goa, India. Standing Committee: APTA is administered by a Standing Committee. Each Participating State designates a national focal point and an alternate focal point for APTA. Secretariat: UNESCAP?s Trade and Investment Division functions as APTA?s Secretariat. CURRENT TRADE PROFILE OF APTA MEMBERS ? In 2005, APTA member states accounted for more than 11 per cent of world trade. ? Total intra-APTA trade in all products is about 15 per cent while the share of APTA intraregional trade in total trade increased by almost 50 per cent over 2001-2005. ? Almost 30 per cent of Bangladesh?s imports originate from other APTA members. ? Over 23 per cent of exports from Republic of Korea are destined for other APTA members. ? Total imports to the Republic of Korea of goods eligible for preferential treatment from all other APTA member states jumped from US$1.4 billion to US$14.5 billion when the Third Round concessions entered into force (1 September 2006). ? Trade between China and India reached an astounding average annual growth rate of 34 per cent over the past decade; the numbers are 21 per cent for trade between the Republic of Korea and China and 16 per cent for trade between the Republic of Korea and India during the period. COVERAGE AND DEPTH OF COMMITMENTS Tariff concessions: Three rounds of negotiations on tariff preferences have been held. The Third Round, by far the most comprehensive, was held from October 2001 to April 2003 (see table). Modalities for negotiations in the Third Round were based on determination of tariff- line based margins of preference (MOP) over MFN using a positive list approach. The Third Round results were implemented as of 1 September 2006. 8 THE BANGKOK AGREEMENT: PROSPECTS FOR TRADE EXPANSION IN THE ASIA-PACIFIC REGION Rules of origin: The Second Session of the Ministerial Council adopted a set of Operational Procedures for the Certification and Verification of the Origin of Goods under APTA, which is a first among regional trade agreements in the Asia-Pacific 8 region. V. CUSTOMS TARIFF (DETERMINATION OF ORIGIN OF GOODS UNDER THE BANGKOK AGREEMENT) RULES, 1976 AT A GLANCE. ? No goods shall be deemed to be the produce or manufacture of a Member State unless the proper officer is satisfied that the conditions specified in the Schedule to these 9 rules are complied with in relation to such goods. 10 ? The owner of the goods shall, (a) make a claim, at the time of importation, that the goods are the produce or manufacture of the Member State from which they are imported and such goods are eligible for Special Tariff Concession; and (b) produce the evidence prescribed in the Schedule to these rules. ? Goods imported into India from a Member State will be eligible to Special Tariff 11 Concession, subject to the following conditions, namely :? (i) where the goods are claimed to have been wholly produced within the territory of an exporting Member State, such goods have been so produced within such territory; (ii) where the goods are claimed to have been wholly or partially manufactured with in the territory of an exporting Member State: (a) such goods have been so manufactured and the final process of manufacture has been performed within the aforesaid territory; 8 For detail regarding the Rules of Origin for the AFTA, see Article 8 and Annexure II, Amendment to the First Agreement on Trade Negotiations among Developing Member Countries of the Economic and Social Commission for Asia and the Pacific, 2005. Available at http://www.unescap.org/tid/aptaro.pdf; http://www.unescap.org/tid/projects/mc2_origingoods.pdf (visited on March 13, 2008.) 9 Rule 4 of Customs Tariff (Determination of Origin of Goods Under The Bangkok Agreement) Rules, 1976. 10 Rule 5 of Customs Tariff (Determination of Origin of Goods Under The Bangkok Agreement) Rules, 1976. 11 The Schedule to the Rule. 9 THE BANGKOK AGREEMENT: PROSPECTS FOR TRADE EXPANSION IN THE ASIA-PACIFIC REGION (b) the expenditure on goods produced and labour performed within the territory of the exporting Member State in the manufacture of the goods is not less than fifty per cent of the ex-factory or ex-works cost of the goods in their finished state: Provided that the goods which comply with the original requirements in the exporting Member State as originating from any other Member State or Member States and which are used in the exporting Member State as inputs for the finished goods eligible for preferential treatment in a Member State not being any of the Member States referred to above, shall be considered in the said Member State as a product originating from the exporting Member State where the last process of manufacture of the finished goods had taken place. ? The ex-factory or ex-works cost shall include the cost of containers and other forms of interior packing ordinarily sold with the goods when they are sold in retail or wholesale and the cost of exterior packing but shall not include ? (i) any charges or expenses incurred subsequent to the manufacture of the said goods; and (ii) any taxes paid in the exporting Member State on the finished goods or on the inputs used in the manufacture of the finished goods. ? When determining the origin of goods expenditure on goods incurred in the exporting Member State shall include, inter alia, expenses incurred in respect of energy or fuel or plant and machinery or tools in the production or manufacture of goods within the exporting Member State and of materials used in the maintenance of such plant and machinery and of such tools. ? A claim that goods shall be accepted as eligible to Special Tariff Concession shall be supported by an appropriate certificate of origin given by a Governmental authority or an authorised body nominated by the exporting Member State and notified to the Government of India. VI. ASSESSMENT OF THIRD ROUND RESULTS The Third Round of negotiations on tariff concessions under the Bangkok Agreement took place from October 2001 to April 2003 as part of the revitalization of the Agreement. At the same time, Participating States negotiated a revised text including 10 THE BANGKOK AGREEMENT: PROSPECTS FOR TRADE EXPANSION IN THE ASIA-PACIFIC REGION revised common rules of origin as an amendment to the Bangkok Agreement. The revised package consisting of the Third Round results, revised text and rules of origin was adopted by the Ministers of the Participating States at the first Ministerial Council of the Bangkok Agreement on 2 November 2005 in Beijing, China when the Agreement was renamed as Asia-Pacific Trade Agreement (APTA). Third Round results were implemented on 1 September 2006. In the Third Round, Participating States had exchanged concessions on 4,270 products 12 and on an additional 587 products that were offered exclusively to LDCs . This is a marked increase from the 1,721 products (plus 112 products for LDCs) on which concessions were offered before the Third Round. China is the largest import market for products under concession from other APTA member countries in value terms and these imports have risen at a large rate over recent years to over $24 billion in 2003. It is recommended at this stage that APTA members move to a negative list approach with the objective of creating a free trade area within a ten year period, in line with the other major regional trade agreements, and in conformity with the principles and rules of the WTO. At the same time, a Fourth Round should be launched as soon as possible to deepen the concessions and thus ensure maximum trade creation. COUNTRY ANALYSIS - INDIA In terms of number of products and also in value terms, China is by far the largest importer of products under concession from India, followed by the Republic of Korea, and the figures are rising though these imports accounted for just over 1 per cent of China?s total imports of these products and only half a per cent of total Korean imports from the world of these products in 2003. These shares are much higher in the case of Bangladesh and Sri Lanka which are major trading partners of India though in value 12 These numbers represent consolidated results from the Second and Third Round. Actual number of products on which concessions were offered as a result of the Third Round only was 3,596 products plus 519 for LDCs. The average MOP as a result of the Third Round was 30.2 per cent and 62.0 per cent for LDCs. It should be noted that the results of the Second Round were actually negotiated in terms of absolute preferential rate offered. The MOPs in the table for the Second Round represent calculated equivalents. 11 THE BANGKOK AGREEMENT: PROSPECTS FOR TRADE EXPANSION IN THE ASIA-PACIFIC REGION terms the amounts of imports are relatively low. More research would have to be done to explore to what extent products under APTA concession imported from India to, for instance Sri Lanka, are also products imported rate under other free or preferential trade agreements, such as the India-Sri Lanka FTA. VII. WAYS FORWARD The Asian and Pacific region, like other regions, has in the past decade or so seen the emergence of several PTAs. BTAs in particular are increasing in number. BTAs typically have a much more comprehensive coverage than traditional PTAs such as the Bangkok Agreement, which only offer tariff concessions on goods. THE BANGKOK AGREEMENT COULD PLAY AN IMPORTANT ROLE IN PROMOTING REGIONAL ECONOMIC CO-OPERATION. In this scenario, it is valid to ask where the Bangkok Agreement can fit in. The fact that the Agreement is the only truly ?regional? trade agreement in Asia and the Pacific, not only in terms of its current membership (it is the only PTA with representation from different subregions), but also, more important, in terms of its potential membership (all developing member countries of ESCAP are eligible to join), gives it scope to eventually develop into a region wide trade agreement. Following this line of argument, it could be further suggested that the Agreement can play an important role in promoting regional cooperation between developing countries in trade matters. The forum could perhaps even be broadened over the course of time to cover related issues, for example, in the investment area. For a start, the Agreement could be used by developing countries in the region as a mechanism not only to provide mutual support in dealing with economic challenges but also to form common positions on specific negotiating issues in WTO. The turn of events at the Fifth WTO Ministerial Conference, held at Cancun, Mexico, in September 2003, while not the best of outcomes, shows that a group of countries with diverse concerns such as the Group of 21 developing countries (which, from the Asian and Pacific region, includes the two major Bangkok Agreement member countries of China and India), can 12 THE BANGKOK AGREEMENT: PROSPECTS FOR TRADE EXPANSION IN THE ASIA-PACIFIC REGION come together on a single issue, remain united and drive home an important message, in 13 this case the need for the reduction of agricultural subsidies by developed countries. The ongoing revitalization process provides a valuable opportunity for members of the Agreement to demonstrate to observer countries that efforts have been made to introduce change within it. The most fundamental concern for members in the immediate future should be to see through the revitalization measures for the purpose of putting in place the building blocks for a PTA that will be relevant in the twenty-first century. If the ongoing revitalization measures within the Agreement are successful, countries in the region will themselves be attracted to join. New membership should thus follow logically from the course of events, and should not necessarily be the measure by which the progress of the Agreement is evaluated. Given that some of the most important economies in the region are members of the Agreement, it would seem that a well- functioning PTA between current members would be enough to justify the Agreement?s existence, in spite of the proliferation of PTAs in the region. The outcome of the Fifth WTO Ministerial Conference has also led to talk concerning the possibility of an even stronger push towards regionalism and bilateralism. At the Second Session of the Ministerial Council, APTA members launched the fourth round of negotiations which covers deepening and widening tariff concessions and include other areas such as non-tariff barriers, trade facilitation, services and investment among others. The Fourth Round is scheduled for completion by October 2009. APTA members have committed to take on direct responsibilities for the expansion of membership to make APTA a truly Asian and Pacific trade agreement based on a list of priority countries. 13 This being said, the outcome of Cancun should not be allowed to represent the demise of the multilateral trading system. All countries are aware of the benefits of multilateral trade liberalization and a rules-based trading system, and the poorest countries risk paying the highest price for a breakdown in multilateral trade talks (see, for example, The Economist, 20 September 2003). Negotiations under the Doha round, launched by WTO members in 2001, should therefore continue, though it is clear that more work will be required to find a way forward that is satisfactory to groups of countries with differing positions. 13 THE BANGKOK AGREEMENT: PROSPECTS FOR TRADE EXPANSION IN THE ASIA-PACIFIC REGION 14
Posted: 03 April 2010

See more from Trade Agreements in India

Expert Views    
The Bangkok Agreement   By Sayantan Gupta, Wadia Ghandy & Co
Hot Tips    
India-MERCOSUR Preferential Trade Agreement   By Foreign Agricultural Service
Trade Agreements in India   By U.S. Commercial Service India