While the Asia-Pacific Trade Agreement
has existed in this incarnation for less than a decade, the trade
agreement has roots in the earlier Bangkok Agreement, finalized in
1975 as a means of increasing intra-regional trade among nations in
the region. The APTA treaty emerged from initiatives set by the
United Nations Economic and Social Commission for Asia and the
Pacific, or ESCAP, and presently seeks to unite all regions of Asia
in economic cooperation.
Presently eight nations comprise the
treaty, with plans to engage other Asian countries into dialogue,
that they may also accede into the agreement. Current members of APTA
include:
Bangladesh - Of the nation's
major exports, fabric and apparel and jute are among the most
popular. Jute, a vegetable fiber used in the making of fabric, rope,
and similar items, is one of the country's largest crops and as
such Bangladesh is one of the world's top producers of jute.
China - China boasts of the
largest economies in the world and is also a top exporter of goods.
Nearly one-fifth of exported electronics, machinery, and clothing
are sent to the United States alone.
India - Many these days
associate India with the growing industry of outsourced labor. In
addition to handling call centers and customer service for various
countries, India exports textiles, leather, and medical equipment.
Korea - In recent decades, Korea
has become known for their automobile exports - namely from Kia
and Hyundai. Other popular exports include computer components and
electronic equipment.
Lao People's Democratic Republic
- Also known as Laos, this country has one of the smaller overall
GDPs of the treaty nations. Laos relies upon natural resources like
coffee and precious metals - gold and copper in particular - to
satisfy export income.
Sri Lanka - Sri Lanka has
enjoyed growth in the agricultural sector in recent years, with tea,
rubber, and coconuts among their better known exports.
Nepal - On average, Nepal brings
in under one billion dollars income annually from exports, making it
one of the lesser economies among APTA nations. Carpets and apparel,
jute byproducts and herbs comprise their more sought-after exports.
The Philippines - Outside of
China, the Phillippines are a major trade partner with the United
States in this region. Electronics and copper, and tropical fruits
and byproducts are some of the top products exported.
According to UNESCAP, APTA has the
distinction of being the only active trade agreement to connect China
and India, two of the largest populated countries in Asia, if not the
Eastern Hemisphere. Presently APTA seeks to court neighboring
countries Mongolia, Malaysia, Indonesia, Pakistan, and Papua New
Guinea into the treaty. As trade continues to grow in the Pacific
rim, the goal of APTA will hopefully allow for tariff concessions
between member nations and assist those with lower GDPs, and in turn
improve political relations between countries.