Financial Wealth Ideas

The supreme body is the ASEAN Summit of Heads of State and Government. Managing and coordinating body of the Association serve as the annual meeting of the Ministers of Foreign Affairs (MMFA). The current leadership of the ASEAN Standing Committee being chaired by the Minister of Foreign Affairs - ustroitelnitsy the next Ministerial Council. In Jakarta, the city operates a permanent secretariat headed by the Secretary-General. ASEAN has 11 specialized committees. Total within the organization is held every year over 300 events. Legal framework of the ASEAN countries serves as the Treaty of Amity and Cooperation in Southeast Asia (Bali Treaty) of 1976. In the economic field, the Association carried out the policy of integration and liberalization in the region of SEA on the basis of the Agreement establishing the ASEAN Free Trade Area (AFTA), the Framework Agreement on ASEAN investment area (AIA) and the Basic Agreement on Industrial Cooperation Scheme (AIKO). In accordance with the option of long-term development program, developed by an expert team consisting of leading politicians and academics, military leaders and businessmen, will realize the level of integration even greater than in the European Union - the association of state banking, the armed forces and police, foreign policy and scientific and technological departments, etc. ASEAN Free Trade Area ASEAN Free Trade Area (AFTA) is the most consolidated economic grouping of countries in Asia. Its creation was announced at the 4 th Summit of Heads of State and Government of ASEAN in Singapore (1992). Originally it was composed of six SEA countries (Indonesia, Malaysia, Singapore, Thailand, Philippines and Brunei). In 1996 he was connected to the AFTA Vietnam, in 1998 - Laos and Myanmar, in 1999 - Cambodia. By creating a free trade zone, the Association aims to strengthen vnutriaseanovskuyu trade in goods and services, expand and diversify the sub-regional commerce, and with increasing mutual trade to improve the competitiveness of their economies. AFTA will also contribute to the political consolidation of the region, joining the Economic Cooperation of less developed countries of SEA. The main instrument for implementing the idea of establishing an FTA - Agreement on the common effective preferential tariff (CEPT) signed by ASEAN summit in Singapore in 1992, CEPT develops the basic provisions of the Agreement on ASEAN Preferential Trade in 1977 (APTA). According to the CEPT scheme, all products are divided into four categories. First, the goods, the level of tariffs which is subject to reduction in accordance with the accelerated or regular schedule. This group of products representing 88% of the total product of the ASEAN countries and is expanding. Two other categories of goods included in the lists of exceptions, in one category is composed of products of importance to the interests of national security, protect public morals, human life and health, flora and fauna, as well as artistic, historical and archaeological value. Another part of exemptions include goods, reduction of tariffs on ASEAN countries to consider for domestic reasons is not possible, however, provides for a gradual reduction in the number of these products. The fourth category of agricultural raw materials, initially completely withdrawn from the CEPT scheme. However, in 1995, have been identified the specific conditions of tariff reductions on different groups of goods. In ASEAN, there is a differentiated approach to the period within which will be reduced or eliminated tariffs for different countries. CEPT initially to reduce by 2003 the vast number of existing intra-regional trade in the domestic import tariffs to 0-5%. In light of new realities, in particular, the admission of new members of ASEAN, these dates have changed. The main cause of emerging challenges to the members of AFTA is the same structure of the economies of countries in SEA, and virtually identical and, therefore, competing to the export of goods. An exception is the only Singapore. During the summit in December 1998 it was decided that the most economically developed countries - Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand - by 2000, reduce the rates of import tariffs to 0-5% to 90% of its product . By 2002, the rate of import duty amounting to 0-5%, to all products covered by the agreement. For new members - Vietnam, Laos, Myanmar and the 1999 Cambodia - benchmarks are much more vague: uncertainty in respect of a number of commodity groups, especially agricultural products. Thus, it was agreed that Vietnam by 2003, would significantly increase the composition of products, import duties, which will be reduced to 0-5%, Laos and Myanmar have pledged to carry out such an extension until 2005, the Party has pledged to expand the list of goods that are not will be subject to import duties by 2003 (Viet Nam - up to 2006 for Laos and Myanmar - to 2008). Successful completion of these actions will mean the creation of truly free trade zone fees within the boundaries of States that have signed an agreement on AFTA in 1992. CEPT also provides steps for the harmonization of standards and quality certificates for products, establishing the rules of fair competition, simplification of internal investment and customs legislation to stimulate the creation of joint regional enterprises, etc. To realize these goals, created the ASEAN Consultative Committee for Standards and Quality. Management and leadership in the formation of the ASEAN Free Trade Area is as follows. The main body responsible for formulating decisions regarding the implementation of CEPT scheme, the Council of AFTA, which is composed of the ASEAN Economic Ministers and the Secretary-General of the Association. In performing these functions, the Council helped the regular meetings of senior economic officials and the ASEAN Secretariat, which has ongoing work to coordinate and monitor the implementation progress under the AFTA agreement. Despite concerns about the possible suspension of the establishment of AFTA, or even a rollback in connection with the monetary and financial crisis in East Asia in 1997, during the last two summits of the organization has taken a number of documents aimed at accelerating the implementation of the AFTA, ASEAN Investment Area (AIA) and the Industrial Cooperation Scheme. Among them, a framework agreement on services, mutual recognition of standards, facilitate the transit of goods and others. In the process of implementation of AFTA in addition to purely procedural issues, and customs of the increasing attention given to new areas of cooperation. Thus, it was decided to establish a common ASEAN harmonized tariff nomenclature in 2000, as well as a unified system of classification of goods produced in countries of the Association. Commit themselves to promoting the full use of national currencies in intra-regional trade. It is a serious emphasis on liberalizing trade in services. In 1999 began a new round of negotiations on this issue with the extension of the discussed types of services. States parties to achieve some success. Thus, the average level of tariffs on intra-core group of products was reduced from 12.67% in 1993 to 6.15% in 1998. Share vnutriaseanovskoy trade in 1998 amounted to 20% of the total foreign trade of the countries of the Association, but much less than in the European Union or NAFTA (60% and 40% respectively). According to experts of ASEAN, the total profits of its member countries from trade liberalization and growth in exports to 1998 was a year of at least 3-4 billion dollars at the expense of an additional increase in their combined gross domestic product. Accordingly, an increasing number of new jobs and foreign exchange earnings.