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A brief introduction for Asian Free trade zone
Release time:2013-11-06 Source:admin Reads:
Recently, Chinese premier Li Keqiang went to Thailand to attend the meeting of China –ASEAN free trade zone leader’s meeting. The host country is Brunei; the outside of the meeting hall was decorated with the printed flags of each participating country. Administration of AFTA is handled by the national customs and trade authorities in each ASEAN member. The ASEAN Secretariat has authority to monitor and ensure compliance with AFTA measures, but has no legal authority to enforce compliance. This has led to inconsistent rulings by ASEAN national authorities. The ASEAN Charter is intended to bolster the ASEAN Secretariat’s ability to ensure consistent application of AFTA measures. All the four latecomers were required to sign the AFTA agreement in order to join ASEAN, but were given longer time frames with printed flags in which to meet AFTA's tariff reduction obligations. The primary goals of AFTA seek to: Increase ASEAN's competitive edge as a production base in the world market through the elimination, within ASEAN, of tariffs and non-tariff barriers; and Attract more foreign direct investment to ASEAN. The primary mechanism for achieving such goals is the Common Effective Preferential Tariff scheme, which established a phased schedule in 1992 with the goal to increase the region’s competitive advantage as a production base geared for the world market. Although these ASEAN national customs and trade authorities coordinate among themselves, disputes can arise. The ASEAN Secretariat has no legal authority to resolve such disputes, so disputes are resolved bilaterally through informal means or through dispute resolution. If these efforts are ineffective, they may ask SEOM to establish panel of independent arbitrators to review the printed flags. Panel decisions can be appealed to an appellate body formed by the ASEAN Economic Community Council. The Protocol has almost never been invoked because of the role of SEOM in the dispute resolution process. When the AFTA agreement was originally signed, ASEAN had six members, namely, Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand.

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