Leadership Insights

Free Trade With ASEAN - A Business Guide

January 22, 2017

 

 

If you haven’t yet figured out what ASEAN is, or how to use it effectively in your company, then you might want to find out. ASEAN is essentially a free trade agreement between a number of countries in asia and the pacific, including China.

 

Representing a fast growing opportunity for a company’s growth in trade and sales, it is a great building block for those companies looking to expand their market internationally. It also helps ensure that the Asian presence in the international market remains competitive.

 

ASEAN, standing for the Association of SouthEast Asian Nations, was formed in 1967 as an economic trade bloc. It includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam, China, India, Australia, New Zealand, Japan and South Korea.

 

ASEAN was formed in order to assist the development of these countries and their international trade. This free trade agreement covers 7,881 products, or 90% of imported goods, reducing the tariffs of these goods to zero.

 

The ASEAN free trade agreement in China begins in 2015. Taking advantage of this means getting prepared now. The ASEAN impact will be huge.

 

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