The move towards an ASEAN Single Aviation Market boosted infrastructure investment and aviation development plans in the region. Growth is also attributed to the proliferation...
Establishing Free Trade Areas
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ASEAN-Japan Comprehensive Economic Partnership
Japan is the third largest economy in the world after the United States and China. As of 2011, World Bank estimates Japan’s GDP at US$ 5.9 trillion. Japan is home to some of the world’s most-technologically advanced electronics, automobiles, and machines.
The ASEAN-Japan Comprehensive Economic Partnership (AJCEP) was signed in April 2008. The Agreement covers trade in goods, trade in services, investment, and economic cooperation. Some of the major provisions of AJCEP are as follows:
- Elimination of tariff rates on tariff lines and trade value for goods in the Normal Track
- Rules of Origin (ROO) which allows regional cumulation of inputs
- Dispute settlement mechanism
- Trade in services agreement (currently being negotiated)
- Investment agreement (currently being negotiated)
Quick Look on AJCEP Market and GDPCombined market of over 700 million, with GDP of US$8 trillion.Trade ValueBilateral trade between ASEAN and Japan is valued at US$ 273 billion (in 2011), second only to trade value between ASEAN and China at US$ 280 billion.Foreign Direct InvestmentJapan’s inward FDI to ASEAN amounted to US$ 29.5 billion for the period 2009-2011.
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Establishing Free Trade Areas
ASEAN continues to reach out beyond its borders as it aims to gain from the strengths of the economies surrounding it. Through ASEAN’s individual free trade agreements (FTAs) with China, Korea, Japan, Australia and New Zealand, and India, investors are provided opportunities to access, linked with, and do business with some of the world’s most high-potential markets.
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