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Asean Trade In Services Agreement (Atisa)

by admin on September 11th, 2021

JAKARTA, 23 October 2020 – On 7 October 2020, ASEAN Economic Ministers signed the ASEAN Trade in Services Agreement (ATISA). The agreement reaffirms ASEAN`s commitment to free and open trade and regional economic integration in the face of the multiple current challenges of trade tensions, global pandemics and economic uncertainties. AFAS provides general guidance to ASEAN member countries to progressively improve market access and ensures the same national treatment of service providers in ASEAN. All AFAS rules are consistent with the international rules governing trade in services of the World Trade Organization`s (WTO) General Agreement on Trade in Services (GATS). AFAS focuses on removing restrictions on trade in services between ASEAN member states in order to improve the efficiency and competitiveness of ASEAN service providers. The liberalization of trade in services under AFAS also aims to achieve commitments that go beyond member states` obligations under the GATS. In addition, there were seven additional commitments for financial services under AFAS, signed by the AFMM (second, third, fourth, fifth, sixth, seventh and eighth sets of financial services commitments under AFAS) and eight other packages of commitments under AFAS signed by ATM (fourth, fifth, sixth, seventh, eighth, ninth, tenth and eleventh packages of commitments for air services under AFAS). The negative list approach under ATISA provides greater transparency on the details of the current service regime in AMS and thus provides service providers with a greater degree of confidence in the region`s economy. In addition to the decline in trade during the 2008-2009 global economic crisis, ASEAN services exports grew steadily from $112.5 billion in 2005 to $404.9 billion in 2018, with an average annual growth rate of 10.7%; while ASEAN services imports also increased from $139.6 billion to $373.8 billion, with an average annual growth rate of 8.3%. . .

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