These two agreements have the collective influence of making ASEAN a strategic centre for global sourcing and manufacturing. With the middle class of 150 million ASEAN consumers, this market, then associated with China and India, alone represents a global consumer market of the middle class, with a total free trade of about 650 million people – today. By 2030, given Asia`s growing prosperity and dynamism, about 64% of the global middle class will be based in Asia, representing 40% of the overall consumption of global small and medium-sized enterprises. Introduction to tax treaties across Asia In this issue of Asia Briefing Magazine, we see the different types of trade and tax treaties that exist between Asian nations. These include bilateral investment agreements, double taxation treaties and free trade agreements that have a direct impact on companies operating in Asia. ASEAN has a series of free trade agreements with other Asian countries, which are radically changing the global landscape of government procurement and manufacturing. It has, for example, a contract with China that effectively eliminated tariffs reduced to nearly 8,000 product categories or 90% of goods imported at zero. These favourable conditions have entered into force in China and in ASEAN home members such as Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand. Traditionally, ASEAN national authorities have also been reluctant to share or cede sovereignty to the authorities of other ASEAN members (although ASEAN trade ministries regularly conduct cross-border visits to carry out on-site inspections as part of anti-dumping investigations). Unlike the EU or NAFTA, joint enforcement and enforcement teams are not widespread.
Instead, ASEAN national authorities must rely on the verification and analysis of other ASEAN national authorities to determine whether AFTA measures, such as the rule of origin, are being complied with. Discrepancies may arise between national authorities. Again, the ASEAN secretariat can help resolve a dispute, but does not have the legal authority to resolve it. Read your entries – Good information. Just to let you know — I regularly publish my articles on the Indian economy and how it could be useful to foreign investors. To date, 32 articles have been published on LinkedIn. The general exceptions concern products that an ASEAN Member deems necessary for the protection of national security, public morals, the protection of the life and health of persons, animals or plants, and the protection of objects of artistic, historical or archaeological value. ASEAN members agreed to adopt zero tariffs by 2010 for the original signatories on virtually all imports and for cmLV countries by 2015.
Unlike the EU, AFTA does not apply a common external law to imported goods. . . .