The Bangkok Agreement: A Brief Overview for UPSC Aspirants
The Bangkok Agreement is a regional trade agreement (RTA) signed by the members of the Asian Development Bank (ADB) in 1975, with the aim of promoting economic cooperation and developing trade relations among the participating countries. The agreement was signed in Bangkok, Thailand, hence the name ‘Bangkok Agreement’. The agreement is also known as the Asian Trade Preference Agreement (ATPA).
The Bangkok Agreement has evolved over time with the participation of several countries. It currently has seven members, including Bangladesh, India, Laos, South Korea, Sri Lanka, China, and Mongolia. As an aspirant of the Union Public Service Commission (UPSC), it is important to understand the significance of this agreement and its implications on the global and regional economy.
One of the primary objectives of the Bangkok Agreement is to eliminate or reduce customs duties on the products traded among the participating countries. This encourages the growth of intra-regional trade by making it more cost-effective for the traders. The agreement also includes provisions for cooperation in other fields such as technical assistance, investment, and intellectual property rights.
For India, the Bangkok Agreement is an important trade policy instrument, especially in the context of its ‘Look East’ policy. The agreement provides India with access to the markets of other participating countries on preferential terms, which can help boost its exports. The agreement also serves as a framework for India to negotiate with other countries for mutual trade benefits.
In recent years, the Bangkok Agreement has gained new importance as a result of the changing geopolitical landscape in the region. With the rise of China as a global economic power, the agreement has become a potential platform for China to expand its trade relations with the other participating countries. This has led to renewed interest in the agreement and discussions to expand the membership to include other countries in the region.
As an aspirant of the UPSC, it is important to stay informed about international trade agreements and their implications on the Indian economy. The Bangkok Agreement provides several opportunities for India to enhance its trade relations with other Asian countries and play a more active role in the region’s economic development. Understanding the provisions of the agreement and its significance in the regional and global context is crucial for those aspiring to become civil servants in the country.
