Association of Southeast Asian Nations (ASEAN)
Association of Southeast Asian Nations (ASEAN) : Agreed in January 1992 to create a free trade area (ASEAN Free Trade Area, or AFTA) with use of a common effective preferential tariff. Under the agreement ASEAN members will cut tariff rates within 15 years of its start date of January 1994. Manufactured goods from 15 sectors designated as "fast track" are subject to tariff reduction to 0-5 percent within 10 years, and seven years if the starting rates were already below 20 percent. "Fast track" sectors include vegetable oils, cement, chemicals, pharmaceuticals, fertilizer, plastics, rubber products, leather products, pulp, textiles, ceramic and glass products, gems and jewelry, copper cathodes, electronics, and wooden and rattan furniture
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