Regional Economic Cooperation In ASEAN Flashcards
(30 cards)
When was the declaration of the ASEAN and joint communique (month and year), and at what event did it occur
Feb 1976 - Bali summit
When was the 2nd meeting of the economic minsters in KL (month and year)
1976, march
When was the PTA signed, and when was it ratified (month + year)
Feb 1997
- ratified in July
When did the AIP agreement occur
March 1980
When was the AIC signed
1981
When was the AIJV signed (and what was it)
Asean industrial joint ventures agreement, nov 1983
What was promoted regarding intra asean trade in the 3rd asean summit in Manila (and when was it)
1987
When was AFTA signed , and where
1992 jan, Singapore 4th asean summit
When was it called for the elimination of non-tariff barriers, and starting from when
1995, starting from 1996 jan
When was the AICO launched (and what was it, what did it supersede)
Asean industrial cooperation scheme
1996
Superseded AIJV (1983)\
What did the declaration of the asean concord establish
Foundation of asean economic cooperation in industrial development and trader
What was the PTA, did it succeed or fail and why
Preferential trade agreement
- lower tariffs on certain goods traded between each other
Failed as irrelevant products were marked for full tariff reduction, due to highly competitive nature of goods produced
What was the AIP, who boosted it, and did it succeed
Aim to develop large scale industrial projects within every ASEAN country
- boosted by japan and fukuda (1billion in loans to finance)
Failed as members could not look past their own economic interests - reluctant to limit their production of products selected by neighbours
What country kept changing which select goods during the AIP
Philippines: superphosphates to ammonium sulfate fertilisers to paper and then copper fabrication
What was the AIC, did it succeed or fail
Asean industrial complementation scheme
- focus on producing complementary goods
- failed - countries could not find shared projects
What was the AIJV, did it succeed or fail and how
Industrial joint ventures
- private sector companies to form joint ventures - sold to ASEAN market
- benefitting from economies of scale and specialisation
Succeeded on one instance - nestle went into the scheme in 1991, regional plants in each of the 5 asean countries
What was the main issue of economic cooperation prior to AFTA
- lack of political will, half hearted
- countries still in isi stage, resisted trade liberation policies
- saw each others as economic competitors
Under what global trends and events was AFTA established
- GATT in the WTO
- creation of the EU, NAFTA (North American free trade, APEC ) 1989
When was APEC created
1989
What regional trend prompted the creation of AFTA
Nations were turning to export oriented strategies - keener interest to trade
What was the main aim of AFTA, how was it achieved
- reduce tariffs on trade
- CEPT (common effective preferential tariff scheme)
- tariffs on wide ranges of goods to be no more than 5% value of good
What were the numbers of CEPT (tariff based on value of goods, reduction of existing tariff rates)
- 5% value of goods
- reduce exiting tariff rates to 20% and then to 0 in the next 7 years
Who were the 3 strongest proponents of AFTA
- Thailand
- Malaysia
- SG
By what multiple did the total value of intra-regional trade expand by from 1993 to 2000 due to AFTA
2x
