MODUEL 1

• Multilateral trade agreements involve many nations at one time, treating all nations equally and leveling the playing field, especially benefiting poorer nations
• Examples of multilateral trade agreements include GATT-WTO and The Doha round of trade agreements
• Regional Trade Agreements (RTAs) are similar to multilateral trade agreements but involve participants in a specific geographical area or region
• Examples of RTAs are ATIGA (AFTA) and agreements between two sides like PJEPA (between two countries) and AKFTA Agreement (between ASEAN and Korea)
• Bilateral Trade Agreements (BTAs) benefit only one country, imposed by another country, bloc, or group, potentially aiding developing economies, e.g., GSP Scheme
• The Asia-Pacific Economic Cooperation (APEC) was established in 1989 as an informal Ministerial-level dialogue group with 12 members, reaching full membership at 21 Pacific Rim countries in 1998
• Unlike the WTO, APEC has no treaty obligations required of its participants; decisions are made by consensus and commitments are voluntary
• APEC's Three Pillars include Trade and Investment Liberalization, Business Facilitation, and Economic and Technical Cooperation
• APEC members report progress towards free trade and investment goals through Individual Action Plans and Collective Action Plans
• APEC operates as a cooperative, multilateral economic and trade forum committed to reducing barriers to trade and investment without requiring legally binding obligations
• The World Trade Organization (WTO) oversees international trade rules, serves as a negotiating forum and trade dispute settlement body, with 164 members representing over 98% of the world's population
• The WTO's structure includes the Ministerial Conference as the top decision-making body and the General Council, which oversees dispute settlement and trade policy review
• The WTO Agreement on Trade Facilitation aims to expedite moving goods across borders, reduce trade costs, and was the first multilateral trade agreement concluded since the WTO's establishment
• The Trade Facilitation Agreement (TFA) entered into force on 22 February 2017 after two-thirds of the WTO membership completed their domestic ratification process
• The Uruguay Round (UR) was the 8th round of multilateral trade negotiations under the GATT, transforming it into the WTO
• Under the "Agreement on Agriculture" of the Uruguay Round, there was a conversion of Quantitative Restrictions (QRs) to tariffs - known as "Tariffication", and a periodic reduction of tariffs
• The Minimum Access Volume (MAV) allows a set amount of imports of an agricultural product at a lower customs duty than the out-quota customs duty, overseen by the MAV Management Committee of the Department of Agriculture
• The Doha Round, also known as the Doha Development Agenda, is the latest trade-negotiation Round of the WTO, aiming to achieve major reform of the international trading system through lower trade barriers and revised trade rules
• Non-Agricultural Market Access (NAMA) negotiations focus on reducing or eliminating tariffs, particularly on exportable goods of interest to developing countries, and also target the removal of Non-Tariff Barriers
• The Information Technology Agreement (ITA) is an agreement to eliminate tariffs on information technology products by the year 2000, initiated by the QUAD countries (US, Canada, Japan, and the EU)
• The World Customs Organization (WCO) is the sole intergovernmental organization exclusively focused on customs matters, maintaining the international Harmonized System (HS) goods nomenclature and administering the technical aspects of the WTO Agreements on Customs Valuation and Rules of Origin
• The Harmonized System (HS) is a multipurpose internationally standardized coding system consisting of names and numbers for classifying products, primarily used as a basis for customs tariffs and for the compilation of international trade statistics
• The Harmonized System (HS) requires Contracting Parties to employ ALL 4- and 6-digit provisions and international rules and notes without deviation
• Maintenance of the HS includes measures to secure uniform interpretation and periodic updating in light of technology and trade pattern changes
• The Harmonized System Committee examines policy matters, takes decisions on classification questions, settles disputes, prepares amendments to Explanatory Notes, and updates to the HS nomenclature
• The Revised Kyoto Convention (RKC) is an update of the International Convention on the Simplification and Harmonization of Customs Procedures, promoting trade facilitation and effective controls
• The RKC contains new and obligatory rules for application that all Contracting Parties must accept without reservation
• The Philippines' Instrument of Accession to the RKC was signed by then president Gloria Macapagal Arroyo on 16 March 2009
• International agreements on social and environmental concerns include conventions like the Rotterdam Convention, Stockholm Convention, and Basel Convention
• The Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) aims to prevent species from becoming endangered or extinct due to international trade
• BIMP-EAGA is a sub-regional economic cooperation initiative in Southeast Asia involving Brunei Darussalam, Indonesia, Malaysia, and the Philippines
• BIMP-EAGA aims to accelerate economic development through increased trade, tourism, and investments within and outside the sub-region
• BIMP-EAGA addresses challenges like lack of transport, power, and ICT infrastructure to pave the way for private sector investments and activities
• The private sector plays a crucial role in identifying challenges and solutions to promote trade, tourism, and investment in the BIMP-EAGA region
• The BIMP-EAGA cooperation is anchored on five strategic pillars, with clusters and working groups supporting these pillars by translating strategic thrusts into projects
• The Asian Development Bank serves as the BIMP-EAGA Regional Development Advisor, participating in various meetings and providing support for the region's development goals
• BIMP-EAGA Vision 2025 focuses on narrowing development gaps, managing natural resources sustainably, and promoting stronger connectivity among member countries
• UNCTAD is a permanent intergovernmental body established by the United Nations General Assembly, dealing with trade, investment, and development issues
• UNCTAD's highest decision-making body is the Quadrennial Conference, where Member States assess trade and development issues, discuss policy options, and formulate global policy responses
• One of UNCTAD's achievements has been the implementation of the Generalized System of Preferences (GSP), a preferential tariff system providing tariff reduction on various products based on country development status