UPGRADED ATIGA TO BOOST GOODS CONCESSION, ACHIEVING 99 PCT TRADE OPENNESS - SATVINDER
KUALA LUMPUR, Oct 25 (Bernama) -- The upgraded ASEAN Trade in Goods Agreement (ATIGA), which grants greater concessions or preferential treatment for goods traded among member states, is expected to reach over 99 percent openness in regional trade flows, said ASEAN Economic Community (AEC) Deputy Secretary-General, Satvinder Singh, today.
He said the much-heralded and enhanced ATIGA will deliver significant benefits for ASEAN as the bloc continues its efforts to address key regional challenges to trade – particularly the prevalence of non-tariff barriers (NTBs), estimated at between 5,000 and 7,000 across the region.
He said that “NTBs are one of the biggest issues we confronted before, especially in managing disputes, as businesses have the ability to use arbitration (while) ASEAN has its own arbitration ability and mechanisms in place.”
“To address that, we are introducing an alternative dispute resolution mechanism of mediation, which will allow more of the exporters wanting to get their regulators to engage counterparts, to be able to sit and discuss, mediate and solve the problem of non-trade barriers,” he said.
He said this during a presentation on the enhanced ATIGA in the ASEAN Business and Investment Summit (ABIS) 2025, held at the Malaysia International Trade and Exhibition Centre (MITEC) here today. ABIS 2025 is being held alongside the 47th ASEAN Summit.
“All 10 countries are agreeing to be able to address this issue of circular trade, so in this new upgraded ATIGA, we are going to allow re-manufacturing to flow freely in ASEAN for the first time.
“This is really a big plus for ASEAN. We are going to be able to capture a whole new generation of foreign direct investment (FDI) concentrated on recycled circular economy in our region and that means jobs, revenues and new industries,” he said.
Furthermore, he said the upgraded agreement ensures that the ASEAN single window and the ASEAN customs transit system, together with the authorised economic operator and mutual recognition arrangements, are incorporated and more impactfully implemented for trade facilitation in ASEAN.
“Therefore, this would be able to move goods quicker, faster, (and) cheaper, across our borders. We are very confident that the upgraded ATIGA is going to put ASEAN in a very good position, while on the physical side, ASEAN is going to be ready to be able to do a lot more,” he added.
ASEAN member states are expected to ink an upgraded ATIGA at the 47th ASEAN Summit, which will be held on Oct 26-28 in Kuala Lumpur Convention Centre (KLCC).
Prime Minister Datuk Seri Anwar Ibrahim will chair the upcoming summit which carries the theme “Inclusivity and Sustainability.”
-- BERNAMA
