Which 1992 agreement created the ASEAN Free Trade Area?

The 1992 Common Effective Preferential Tariff, or CEPT, Agreement created the ASEAN Free Trade Area. ASEAN governments signed it at the group’s summit in Singapore.

The agreement aimed to reduce tariffs on goods traded among members and gradually improve regional market access. It was an important step in Southeast Asian economic integration, although it did not immediately create a tariff-free area for every product.

The ASEAN Free Trade Area is often confused with ASEAN itself. ASEAN was founded in 1967 as a regional political and economic organization; AFTA was a later trade initiative. The CEPT system was eventually supplemented and replaced by the ASEAN Trade in Goods Agreement, which provides a broader modern framework for intra-ASEAN goods trade.