What have been the recent significant decisions made by the ASEAN Member Countries regarding CEPT for AFTA?
The 26th Meeting of the ASEAN Economic Ministers (AEM) in Chiang Mai, Thailand on 22-23 September 1994 had agreed to accelerate the implementation of CEPT for AFTA. The main decisions were: a. time frame for the implementation of AFTA be shortened from 15 to 10 years so that by 2003, all CEPT products will have a tariff of 0-5%; b. Unprocessed Agricultural Products be included into the CEPT Scheme; c. The Temporary Exclusion List be phased out by 1 January 2000. Q2. How will the time frame affect the present ‘Fast’ and ‘Normal’ Track? Given the decision to accelerate CEPT for AFTA, the following are the revised guidelines to reduce tariffs in the Fast and Normal Tracks: Normal Track * products with tariff rates above 20% will have their rates reduced to 20% by 1 January 1998 and subsequently from 20% to 0-5% by 1 January 2003; * products with tariff rates at or below 20% will have their rates reduced to 0-5% by 1 January 2000. Fast Track * products with tariff rates above 20% will have
