ASEAN Economics and Trade Flashcards
6 cards from real ASEAN practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 ASEAN Economics and Trade flashcards as text
What is the ASEAN Free Trade Area (AFTA) primarily designed to do?
Answer: Eliminate tariffs among ASEAN member states
AFTA was established in 1992 to eliminate tariffs on goods traded among ASEAN member states and boost regional competitiveness.
Which ASEAN initiative replaced AFTA and focuses on a broader integrated market?
Answer: ASEAN Economic Community (AEC)
The ASEAN Economic Community (AEC), launched in 2015, replaced AFTA with a broader vision of a single market and production base.
What percentage tariff rate did ASEAN-6 members achieve under the Common Effective Preferential Tariff (CEPT) scheme?
Answer: 0–5%
The ASEAN-6 (original members plus Brunei) reduced intra-ASEAN tariffs to 0–5% under CEPT, meeting the AFTA goal.
Which country is ASEAN's largest economy by GDP?
Answer: Indonesia
Indonesia is ASEAN's largest economy, accounting for roughly 35% of the bloc's total GDP.
What does the ASEAN Single Window (ASW) facilitate?
Answer: Electronic exchange of trade documents between member states
The ASEAN Single Window enables electronic submission and processing of import/export documents, speeding up cross-border trade.
Which ASEAN agreement covers trade in services and investment alongside goods?
Answer: ASEAN Framework Agreement on Services (AFAS)
AFAS governs the liberalization of trade in services across ASEAN member states, complementing ATIGA which covers goods.
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