The Asia-Pacific Free Trade Agreement, or APACFTA, is a trade agreement between 11 countries in the Asia-Pacific region. The agreement was signed on November 2020, and it covers one-third of the global economy.
The following countries are members of APACFTA: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. These countries have come together to create a comprehensive, progressive, and high-standard free trade agreement.
The agreement will eliminate tariffs on many goods and services, including agricultural goods, seafood, manufactured goods, and digital products. It will also allow for the free movement of people and investment across the member countries.
The APACFTA is expected to have significant economic benefits for all member countries. The agreement will increase trade and investment, which will boost economic growth and create new jobs. It will also reduce the cost of doing business across the region.
The agreement is particularly significant for Australia, which has long been a strong supporter of free trade. The APACFTA will give Australian businesses greater access to markets across the Asia-Pacific region, which will help drive economic growth and job creation.
The APACFTA is also an important step towards greater economic integration in the Asia-Pacific region. The ongoing COVID-19 pandemic has highlighted the importance of international cooperation and the need for countries to come together to address global challenges. The APACFTA is a positive example of this kind of collaboration.
The APACFTA is not without its critics, however. Some have raised concerns about the impact of the agreement on workers` rights, the environment, and intellectual property. These issues will need to be carefully monitored and addressed as the agreement is implemented.
Overall, the Asia-Pacific Free Trade Agreement is a positive step towards greater economic integration and growth in the region. As the global economy continues to face challenges, it is important for countries to work together to create new opportunities and support economic growth. The APACFTA is a step in the right direction.