The World Trade Organization (WTO) members recently reviewed six regional trade agreements during a committee meeting. The discussions covered various agreements involving ASEAN, Japan, the European Union, the United Kingdom, and Pacific Island countries.
The ASEAN Trade in Goods Agreement (ATIGA), in force since 2010, was highlighted for its role in establishing a free trade area among ASEAN member states. The Lao People's Democratic Republic emphasized that ATIGA includes comprehensive trade measures aimed at enhancing economic cooperation within ASEAN.
Another focus was the Free Trade Agreement between Japan and ASEAN member states, part of the ASEAN-Japan Comprehensive Economic Partnership Agreement. Thailand noted that this agreement strengthens collaborative efforts to enhance trade and economic cooperation between ASEAN and Japan.
The Economic Partnership Agreement between the European Union and Pacific States has been operational since 2009 with Papua New Guinea and from 2014 with Fiji. Samoa highlighted that the agreement enables Pacific States to capitalize on preferential access to the EU market while promoting sustainable development.
The UK-Viet Nam Free Trade Agreement replicates provisions from an earlier EU-Viet Nam agreement. The UK expects to liberalize over 99% of its tariffs by 2027, while Viet Nam will liberalize 97.6% by 2035. A joint statement with Viet Nam mentioned commitments related to trade and sustainable development.
A similar approach was seen in the UK's agreement with Colombia, Ecuador, and Peru, which came into force on January 1, 2021. The UK noted substantial trade facilitated by this agreement, reaching GBP 4.2 billion in goods and services between these regions.
The PACER Plus agreement among Australia, New Zealand, and several Pacific Island countries aims to support economic development in these islands. Samoa emphasized tariff commitments and customs procedures as key components of this agreement.
During the meeting, Ambassador Clare Kelly of New Zealand noted that there are numerous regional trade agreements requiring factual presentations or notifications to the WTO. Members discussed ways to improve committee functions, including adding executive summaries to factual presentations.
Ambassador Salomon Eheth of Cameroon was elected as the new Committee chair, replacing Ambassador Kelly. The next committee meeting is tentatively scheduled for July 2-3, 2024.