Mongolia formally acceded to the Asia-Pacific Trade Agreement (APTA) on Tuesday, becoming the seventh member of the long-standing regional pact.
The APTA, previously known as the Bangkok Agreement, represents Mongolia’s first regional trade agreement with developing countries.
The agreement was founded in 1975 between Bangladesh, India, Laos, South Korea and Sri Lanka, with China joining in 2011.
“This is the first expansion of APTA since China’s accession in 2001. It is an important milestone in the progress of APTA towards becoming a contemporary regional agreement,” said Armida Salsiah Alisjahbana, United Nations under secretary general and executive secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP).
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