As one of the largest and fastest-growing economic regions in the world, the Association of Southeast Asian Nations (ASEAN) has established numerous trade agreements with countries around the world. These agreements play a crucial role in promoting economic growth and diversifying trade opportunities for ASEAN member nations.
Here are some of the nations that ASEAN has trade agreements with:
1. China: ASEAN and China established the ASEAN-China Free Trade Area (ACFTA) in 2010, which eliminated tariffs on a wide range of goods and services between the two regions. China is now ASEAN`s largest trading partner, with two-way trade reaching over US$600 billion in 2020.
2. Japan: ASEAN and Japan signed the ASEAN-Japan Comprehensive Economic Partnership (AJCEP) in 2008, which aims to liberalize trade in goods, services, and investment between the two regions. Japan is the second-largest trading partner of ASEAN, with two-way trade reaching over US$240 billion in 2020.
3. South Korea: ASEAN and South Korea signed the ASEAN-Korea Free Trade Area (AKFTA) in 2007, which eliminated tariffs on a wide range of goods and services between the two regions. South Korea is now ASEAN`s fifth-largest trading partner, with two-way trade reaching over US$135 billion in 2020.
4. Australia and New Zealand: ASEAN and Australia-New Zealand signed the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) in 2009, which aims to liberalize trade in goods, services, and investment between the two regions. Australia and New Zealand are now ASEAN`s seventh-largest trading partner, with two-way trade reaching over US$72 billion in 2020.
5. India: ASEAN and India signed the ASEAN-India Free Trade Area (AIFTA) in 2009, which aims to liberalize trade in goods, services, and investment between the two regions. India is now ASEAN`s sixth-largest trading partner, with two-way trade reaching over US$72 billion in 2020.
In addition to these major trading partners, ASEAN also has trade agreements with other countries, such as the European Union (EU), Canada, and the United States. These agreements help to promote economic growth and diversify trade opportunities for ASEAN member nations, while also strengthening ties with other regions around the world.
In conclusion, ASEAN has established numerous trade agreements with countries around the world, with China, Japan, South Korea, Australia and New Zealand, and India being some of its major trading partners. These agreements play a crucial role in promoting economic growth, diversifying trade opportunities, and strengthening ties between ASEAN and other regions around the world.