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| Sunday,13 November 2005 |
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Trade Ministers sign APTA The Asia-Pacific Trade Agreement (APTA) was signed by the Trade Ministers of its member countries at the first session of the Ministerial Council held on November 2 in Beijing, China. Sri Lanka was represented by Trade, Commerce and Consumer Affairs Minister Jeyaraj Fernandopulle. APTA is a new name given to the former Bangkok Agreement initiated in 1975 by five member countries of the Economic Social Commission for Asia and the Pacific (ESCAP) i.e. Bangladesh, India, Lao People's Democratic Republic, Republic of Korea and Sri Lanka. China joined this agreement in 2001. Following China's accession, the six-member countries of the Bangkok Agreement initiated a process to revitalise the agreement. As part of the revitalisation process, it was agreed to launch a third round of negotiations to further liberalise trade between the member countries and to amend the text of the agreement to reflect changes in the international trading system. The establishment of the Asia-Pacific Trade Agreement will be a major stimulus for the continuing process of trade expansion and liberalisation among developing countries of the region. |
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