Mongolia joins China to become seventh member of Asia-Pacific Trade Agreement
- Mongolia joins founding members Bangladesh, India, Laos, South Korea and Sri Lanka as well as China, its biggest trading partner
- The Asia-Pacific Trade Agreement (APTA) represents Mongolia’s first regional trade agreement with developing countries
Mongolia formally acceded to the Asia-Pacific Trade Agreement (APTA) on Tuesday, becoming the seventh member of the long-standing regional pact.
The APTA, previously known as the Bangkok Agreement, represents Mongolia’s first regional trade agreement with developing countries.
The agreement was founded in 1975 between Bangladesh, India, Laos, South Korea and Sri Lanka, with China joining in 2011.
It is an important milestone in the progress of APTA towards becoming a contemporary regional agreement
“This is the first expansion of APTA since China’s accession in 2001. It is an important milestone in the progress of APTA towards becoming a contemporary regional agreement,” said Armida Salsiah Alisjahbana, United Nations under secretary general and executive secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP).
“Simple and smooth implementation of APTA trade preferences demonstrates its members’ commitment towards utilising trade for sustainable development.”
RCEP comprises the 10-member Association of Southeast Asian Nations bloc, and five other countries it has free trade deals with, namely Japan, South Korea, New Zealand, Australia and China.