08/03/2016
ASEAN has entered into a number of free trade agreements with other Asian nations that are now radically altering the global sourcing and manufacturing landscape.
The Asean Free Trade Agreement will reduce taxes on nearly 8,000 product categories, or 90 percent of imported goods, to zero. These favourable terms have taken effect in China and in the original ASEAN members, including Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand.
Cambodia, Laos, Myanmar and Vietnam have also implement these terms in December 2015.
With the Free Trade Agreement, the Asia Tigers of Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam (the ASEAN 6) with the smaller players such as Brunei, Cambodia, Laos and Myanmar with a combined GDP of US$2.31 trillion (2012) and home to some 600 million people will stand to benefit.