Establishing economic zones

Description

Establishing economic zones involves designating specific geographic areas where targeted economic policies, incentives, and infrastructure are implemented to attract investment, stimulate industrial growth, and generate employment. This strategy addresses issues such as regional underdevelopment, unemployment, and economic stagnation by fostering business-friendly environments, streamlining regulations, and providing fiscal benefits. The practical intent is to catalyze local economies, boost exports, and facilitate technology transfer, thereby remedying structural economic imbalances and promoting sustainable development.

Implementation

The Trade Negotiations Group of Developing Countries of Asia and the Pacific (TNG) was set up Nov 1971, Bangkok, within the framework of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP / CESAP / CESPAP). Subsequent negotiations resulted in the signing, in 1975, of the Bangkok Agreement on economic cooperation, and the entry into force, in 1976, of Asian Free Trade Zone. This completed the main role of TNG which subsequently has ceased to exist. Its activities have been taken over by the First Agreement on Trade Negotiations among Developing Member Countries of the Economic and Social Commission for Asia and the Pacific (Bangkok Agreement).