Chittagong Independent University

School of Business

Assignment

Course Code: MBA 534

Course Title: International Business
Submitted to: Dr. Tanvir Mohammad Hayder Arif
Submitted by: Md. Fahadul Karim
ID: 18351008
 World trade organization
Introduction:
World Trade Organization (WTO), international organization established to supervise and
liberalize world trade. The WTO is the successor to the General Agreement on Tariffs and
Trade (GATT), which was created in 1947 in the expectation that it would soon be replaced by a
specialized agency of the United Nations (UN) to be called the International Trade Organization
(ITO). Although the ITO never materialized, the GATT proved remarkably successful in
liberalizing world trade over the next five decades. By the late 1980s there were calls for a stronger
multilateral organization to monitor trade and resolve trade disputes. Following the completion of
the Uruguay Round (1986–94) of multilateral trade negotiations, the WTO began operations on
January1, 1995[1]

Evolution:
The ITO was initially envisaged, along with the International Monetary Fund (IMF) and the World
Bank, as one of the key pillars of post-World War II reconstruction and economic development.
In Havana in 1948, the UN Conference on Trade and Employment concluded a draft charter for
the ITO, known as the Havana Charter, which would have created extensive rules governing
trade, investment, services, and business and employment practices. However, the United States
failed to ratify the agreement. Meanwhile, an agreement to phase out the use of import quotas and
to reduce tariffs on merchandise trade, negotiated by 23 countries in Geneva in 1947, came into
force as the GATT on January 1, 1948.
Although the GATT was expected to be provisional, it was the only major agreement
governing international trade until the creation of the WTO. The GATT system evolved over 47
years to become a de facto global trade organization that eventually involved approximately 130
countries. Through various negotiating rounds, the GATT was extended or modified by numerous
supplementary codes and arrangements, interpretations, waivers, reports by dispute-settlement
panels, and decisions of its council.
During negotiations ending in 1994, the original GATT and all changes to it introduced prior to
the Uruguay Round were renamed GATT 1947. This set of agreements was distinguished from
GATT 1994, which comprises the modifications and clarifications negotiated during the Uruguay
Round (referred to as “Understandings”) plus a dozen other multilateral agreements on
merchandise trade. GATT 1994 became an integral part of the agreement that established the
WTO. Other core components include the General Agreement on Trade in Services (GATS),
which attempted to supervise and liberalize trade; the Agreement on Trade-Related Aspects
of Intellectual Property Rights (TRIPS), which sought to improve protection of intellectual
property across borders; the Understanding on Rules and Procedures Governing the Settlement of
Disputes, which established rules for resolving conflicts between members; the Trade Policy
Review Mechanism, which documented national trade policies and assessed their conformity with
WTO rules; and four plurilateral agreements, signed by only a subset of the WTO membership, on
civil aircraft, government procurement, dairy products, and bovine meat (though the latter two
were terminated at the end of 1997 with the creation of related WTO committees). These
agreements were signed in Marrakech, Morocco, in April 1994, and, following their ratification,
the contracting parties to the GATT treaty became charter members of the WTO. By the 2020s the
WTO had more than 160 members [1]

Objectives & Functions:

The WTO has six key objectives: (1) to set and enforce rules for international trade, (2) to provide
a forum for negotiating and monitoring further trade liberalization, (3) to resolve trade disputes,
(4) to increase the transparency of decision-making processes, (5) to cooperate with other major
international economic institutions involved in global economic management, and (6) to help
developing countries benefit fully from the global trading system. Although shared by the GATT,
in practice these goals have been pursued more comprehensively by the WTO. For example,
whereas the GATT focused almost exclusively on goods—though much
of agriculture and textiles were excluded—the WTO encompasses all goods, services, and
intellectual property, as well as some investment policies. In addition, the permanent WTO
Secretariat, which replaced the interim GATT Secretariat, has strengthened and formalized
mechanisms for reviewing trade policies and settling disputes. Because many more products are
covered under the WTO than under the GATT and because the number of member countries and
the extent of their participation has grown steadily—the combined share of international trade of
WTO members now exceeds 90 percent of the global total—open access to markets has increased
substantially.
The rules embodied in both the GATT and the WTO serve at least three purposes. First, they
attempt to protect the interests of small and weak countries against discriminatory trade practices
of large and powerful countries. The WTO’s most-favoured-nation and national-treatment
articles stipulate that each WTO member must grant equal market access to all other members and
that both domestic and foreign suppliers must be treated equally. Second, the rules require
members to limit trade only through tariffs and to provide market access not less favourable than
that specified in their schedules (i.e., the commitments that they agreed to when they were granted
WTO membership or subsequently). Third, the rules are designed to help governments resist
lobbying efforts by domestic interest groups seeking special favours. Although some exceptions
to the rules have been made, their presence and replication in the core WTO agreements were
intended to ensure that the worst excesses would be avoided. By thus bringing greater certainty
and predictability to international markets, it was thought, the WTO would enhance economic
welfare and reduce political tensions. [1]

Contributions:

Dispute settlement is the central pillar of the multilateral trading system, and the WTO’s unique
contribution to the stability of the global economy. Without a means of settling disputes, the rules-
based system would be less effective because the rules could not be enforced. The WTO’s
procedure underscores the rule of law, and it makes the trading system more secure and
predictable. The system is based on clearly-defined rules, with timetables for completing a case.
First rulings are made by a panel and endorsed (or rejected) by the WTO’s full membership.
Appeals based on points of law are possible.
However, the point is not to pass judgement. The priority is to settle disputes, through consultations
if possible. By January 2008, only about 136 of the nearly 369 cases had reached the full panel
process. Most of the rest have either been notified as settled “out of court” or remain in a prolonged
consultation phase — some since 1995. [2]

Conclusion:
Beginning in the late 1990s, the WTO was the target of fierce criticism. Opponents of
economic globalization and in particular those opposed to the growing power of multinational
corporations, argued that the WTO infringes upon national sovereignty and promotes the interests
of large corporations at the expense of smaller local firms struggling to cope with import
competition. Environmental and labour groups (especially those from wealthier countries) have
claimed that trade liberalization leads to environmental damage and harms the interests of low-
skilled unionized workers. Protests by these and other groups at WTO ministerial meetings—such
as the 1999 demonstrations in Seattle, Washington, U.S., which involved approximately 50,000
people—became larger and more frequent, in part because the development of
the Internet and social media made large-scale organizing and collective action easier. In response
to such criticism, supporters of the WTO claimed that regulating trade is not an efficient way to
protect the environment and labour rights. Meanwhile, some WTO members, especially
developing countries, resisted attempts to adopt rules that would allow for sanctions against
countries that failed to meet strict environmental and labour standards, arguing that they would
amount to veiled protectionism.
Despite these criticisms, however, WTO admission remained attractive for nonmembers, as
evidenced by the increase in the number of members after 1995. Most significantly, China entered
the WTO in 2001 after years of accession negotiations. The conditions for Chinese membership
were in some ways more restrictive than those for developing countries, reflecting the concerns of
some WTO members that the admission of such a large and still somewhat planned economy might
have an overall negative effect on free trade. [1]
 European Union

Introduction:

The European Union is the result of an economic and political partnership between European
countries. Originally devised at end of World War II, the EU consists of a number of different
institutions that negotiate intergovernmental decisions in various areas, including law and
economics. The structure of the EU is undergoing a number of changes as per the 2009 treaty of
Lisbon [3].

Evolution:

The European Union (EU) is a political and economic union of 27 member states that are located
primarily in Europe. Its members have a combined area of 4,233,255.3 km2 (1,634,469.0 sq mi)
and an estimated total population of about 447 million. The EU has developed an internal single
market through a standardized system of laws that apply in all member states in those matters, and
only those matters, where members have agreed to act as one. EU policies aim to ensure the free
movement of people, goods, services and capital within the internal market, enact legislation in
justice and home affairs and maintain common policies on trade, agriculture, fisheries and regional
development. For travel within the Schengen Area, passport controls have been abolished. A
monetary union was established in 1999, coming into full force in 2002, and is composed of 19
EU member states which use the euro currency.
The EU and European citizenship were established when the Maastricht Treaty came into force in
1993. The EU traces its origins to the European Coal and Steel Community (ECSC) and
the European Economic Community (EEC), established, respectively, by the 1951 Treaty of
Paris and 1957 Treaty of Rome. The original members of what came to be known as the European
Communities were the Inner Six: Belgium, France, Italy, Luxembourg, the Netherlands, and West
Germany. The Communities and their successors have grown in size by the accession of new
member states and in power by the addition of policy areas to their remit. The latest major
amendment to the constitutional basis of the EU, the Treaty of Lisbon, came into force in 2009[4].
 Objectives:

The goals of the European Union are:

 promote peace, its values and the well-being of its citizens

 offer freedom, security and justice without internal borders
 sustainable development based on balanced economic growth and price stability, a highly
competitive market economy with full employment and social progress, and environmental
protection
 combat social exclusion and discrimination
 promote scientific and technological progress
 enhance economic, social and territorial cohesion and solidarity among EU countries
 respect its rich cultural and linguistic diversity
 Establish an economic and monetary union whose currency is the euro [5].

Functions:

The European Union plays important roles in diplomacy, the promotion of human rights, trade,
development and humanitarian aid and working with multilateral organisations. The role of the
EEAS is to try and bring coherence and coordinating to the European Union's international role.
The Lisbon Treaty sets out clearly what should guide the European Union internationally.
"The Union's action on the international scene shall be guided by the principles which have
inspired its own creation, development and enlargement, and which it seeks to advance in the wider
world: democracy, the rule of law, the universality and indivisibility of human rights and
fundamental freedoms, respect for human dignity, the principles of equality and solidarity, and
respect for the principles of the United Nations Charter and international law." [6]

Contributions:

Internationally, the EU has led and supported peace talks around the world to facilitate solutions
in conflicts worldwide such as for example:
In July 2015, following years of EU-led diplomacy, a historic international agreement was reached
on Iran’s nuclear programme. The EU, together with China, France, Germany, Russia, the United
Kingdom and the United States, brokered the agreement. Iran pledged that under no circumstances
would it ever seek, develop or acquire nuclear weapons. The EU now chairs the Committee
overseeing the implementation of this agreement. [6]
In Mali, the EU has been helping the country emerge from a profound political crisis through co-
mediated the the Malian Peace agreement which was signed in June 2015. The EU is also helping
to train the Malian armed forces to fight terrorism and through substantial development aid. This
is an example of the EU's comprehensive approach which uses all its tools - diplomatic, security,
financial and with development cooperation. [6]

North American Free Trade Agreement

Introduction:

The North American Free Trade Agreement was an agreement signed by Canada, Mexico, and
the United States, creating a trilateral trade bloc in North America. The agreement came into force
on January 1, 1994, and superseded the 1988 Canada–United States Free Trade
Agreement between the United States and Canada. The NAFTA trade bloc is one of the largest
trade blocs in the world by gross domestic product. [7]

Evolution:

The North American Free Trade Agreement (NAFTA) was implemented in order to promote trade
between the U.S., Canada, and Mexico. The agreement, which eliminated most tariffs on trade
between the three countries, went into effect on January 1, 1994. Numerous tariffs–
particularly those related to agriculture, textiles, and automobiles–were gradually phased out
between January 1, 1994 and January 1, 2008. [8]

President Donald Trump campaigned on a promise to repeal NAFTA and other trade agreements
he deemed unfair to the U.S. On August 27, 2018, he announced a new trade deal with Mexico to
replace it. The U.S.-Mexico Trade Agreement, as it was called, would maintain duty-free access
for agricultural goods on both sides of the border and eliminate non-tariff barriers, while also
encouraging more agricultural trade between Mexico and the U.S., and would effectively replace
NAFTA. [8]

Objectives:

1. Grant the signatories (the countries that signed it) a "most-favored-nation" status.
2. Eliminate barriers to trade and facilitate the cross-border movement of goods and
services.
3. Promote conditions of fair competition.
 4. Increase investment opportunities.
5. Provide protection and enforcement of intellectual property rights.
6. Create procedures for the resolution of trade disputes.
7. Establish a framework for further trilateral, regional, and multilateral cooperation to
expand the trade agreement's benefits. [9]

Functions:

First, NAFTA grants the most-favored-nation status to all co-signers. That means countries must
give all parties equal treatment. That includes foreign direct investment. They cannot give better
treatment to domestic investors than foreign ones. They can't offer a better deal to investors from
non-NAFTA countries. Governments must also offer federal contracts to businesses in all three
NAFTA countries.

Second, NAFTA eliminates tariffs on imports and exports between the three countries. Tariffs are
taxes used to make foreign goods more expensive. NAFTA created specific rules to regulate trade
in farm products, automobiles, and clothing. These also apincreply to some services, such as
telecommunications and finance.

Third, exporters must get Certificates of Origin to waive tariffs. That means the export must
originate in the United States, Canada, or Mexico. A product made in Peru but shipped from
Mexico will still pay a duty when it enters the United States or Canada.

Fourth, NAFTA establishes procedures to resolve trade disputes. Chapter 19 protects businesses
from unfair practices. The NAFTA Secretariat facilitates an informal resolution between the
parties.If this doesn't work, it establishes a panel to review the dispute. That helps all parties to
avoid costly lawsuits in local courts. It helps the parties interpret NAFTA’s complex rules and
procedures. These trade dispute protections apply to investors as well.

Fifth, all NAFTA countries must respect patents, trademarks, and copyrights. At the same time,
the agreement ensures that these intellectual property rights don’t interfere with trade.

Sixth, the agreement allows business travelers easy access throughout all three countries.

NAFTA has two other agreements that update the original. The North American Agreement on
Environmental Cooperation supports the enforcement of environmental laws. The North American
Agreement on Labor Cooperation protects working conditions. [10]

Contributions:

The United States increased its exports of goods to the other two from $142 billion to $549 billion.
That's 33% of its total exports, making Canada and Mexico its top two export markets. It shipped
$293 billion to Canada and $256 billion to Mexico.
U.S. imports from its NAFTA partners were $678 billion. That's 27% of total U.S. imports. It's
also more than quadruple the $151 billion imported in 1993. Mexico shipped $358 billion to the
United States and Canada shipped $320 billion.

NAFTA boosted trade by eliminating all tariffs between the three countries. It also created
agreements on international rights for business investors. That reduced the cost of commerce. It
spurs investment and growth, especially for small businesses. [11]

South Asian Free Trade Area

Introduction:

The South Asian Free Trade Area (SAFTA) is an agreement reached on January 6, 2004, at
the 12th SAARC summit in Islamabad, Pakistan. It created a free trade area of 1.6 billion people
in Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka to
reduce customs duties of all traded goods to zero by the year 2016. The SAFTA agreement came
into force on January 1, 2006,and is operational following the ratification of the agreement by the
seven governments. SAFTA required the developing countries in South Asia (India, Pakistan and
Sri Lanka) to bring their duties down to 20 percent in the first phase of the two-year period ending
in 2007. In the final five-year phase ending in 2012, the 20 percent duty was reduced to zero in a
series of annual cuts. The least developed nations in South Asia (Nepal, Bhutan, Bangladesh,
Afghanistan and Maldives) had an additional three years to reduce tariffs to zero. India and
Pakistan ratified the treaty in 2009, whereas Afghanistan as the 8th member state of
the SAARC ratified the SAFTA protocol on 4 May 2011. [12]

Evolution:
The Agreement was signed in 2004 and came into effect on 1 January 2006, with the desire of the Member
States of SAARC (Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka,) to
promote and sustain mutual trade and economic cooperation within the SAARC region through the
exchange of concessions.
The establishment of an Inter-Governmental Group (IGG) to formulate an agreement to establish a SAPTA
by 1997 was approved in the Sixth Summit of SAARC held in Colombo in December 1991. [13]

Objective:

The main objective of the agreement is to promote competition in the area and to provide equitable
benefits to the countries involved. It aims to benefit the people of the countries by bringing
transparency and integrity among the nations. SAFTA was also formed in order to increase the
level of trade and economic cooperation among the SAARC nations by reducing the tariff and
barriers and also to provide special preference to the Least Developed Countries (LDCs) among
the SAARC nations.to establish framework for further regional cooperation. [14]

Functions:

The purpose of SAFTA is to encourage and elevate common contract among the countries such as
medium and long term contracts. Contracts involving trade operated by states, supply and import
assurance in respect of specific products etc. It involves agreement on tariff concession like
national duties concession and non-tariff concession. [15]

Contributions:

It created a free trade area of 1.6 billion people in Afghanistan, Bangladesh, Bhutan, India,
Maldives, Nepal, Pakistan and Sri Lanka to reduce customs duties of all traded goods to zero by
the year 2016.

Association of Southeast Asian Nations

Introduction:

The Association of Southeast Asian Nations (ASEAN) was formed in 1967 by Indonesia,
Malaysia, the Philippines, Singapore, and Thailand to promote political and economic cooperation
and regional stability. The ASEAN Declaration in 1967, considered ASEAN’s founding
document, formalized the principles of peace and cooperation to which ASEAN is dedicated. The
ASEAN Charter entered into force on 15 December 2008. With the entry into force of the ASEAN
Charter, ASEAN established its legal identity as an international organization and took a major
step in its community-building process. The ASEAN Community is comprised of three pillars, the
Political-Security Community, Economic Community, and Socio-Cultural Community.

Evolution:

ASEAN, in full Association of Southeast Asian Nations, international organization established

by the governments of Indonesia, Malaysia, the Philippines, Singapore, and Thailand in 1967 to
accelerate economic growth, social progress, and cultural development and to promote peace and
security in Southeast Asia. Brunei joined in 1984, followed by Vietnam in
1995, Laos and Myanmar in 1997, and Cambodia in 1999. The ASEAN region has a population
of more than 600 million and covers a total area of 1.7 million square miles (4.5 million square
km). ASEAN replaced the Association of South East Asia (ASA), which had been formed by the
Philippines, Thailand, and the Federation of Malaya (now part of Malaysia) in 1961. Under the
banner of cooperative peace and shared prosperity, ASEAN’s chief projects centre on economic
cooperation, the promotion of trade among ASEAN countries and between ASEAN members and
the rest of the world, and programs for joint research and technical cooperation among member
governments. [16]

Objectives:

The ASEAN set up to emulate EU or similar Bloc for trade negotiation with major countries and
generalize trade practice across the members countries.

It has evolved but the progress to achieve what the EU have uus slow. All countries have their own
agenda and self interest

Example, China claim on almost all the seaway with only Vietnam is verbal on this issue. Most
member countries reserve their opinion due to either receiving aid , building infrastructures or
depending China for business.

Remember one case that the bank robber in Singapore was caught in Thailand. Thailand refused
to hand over the Singapore and set free after serving short jail time. - where is the co operation
within ASEAN

ASEAN will becoming more pro China with Cambodia, Laos, Malaysia receiving loan/aids from
China.

The oneness of. ASEAN will be a long long way to achieve.

Functions:

The ASEAN Declaration states that the aims and purposes of the Association are: (1) to accelerate
the economic growth, social progress and cultural development in the region through joint
endeavors in the spirit of equality and partnership in order to strengthen the foundation for a
prosperous and peaceful community of Southeast Asian nations, and (2) to promote regional peace
and stability through abiding respect for justice and the rule of law in the relationship among
countries in the region and adherence to the principles of the United Nations Charter. In 1995, the
ASEAN Heads of State and Government re-affirmed that “Cooperative peace and shared
prosperity shall be the fundamental goals of ASEAN.” [17]
Contributions:

On 1 March, the 10th meeting of the ASEAN-US Joint Cooperation Committee took place in
Jakarta. Both parties discussed shared strategic priorities, including transnational crime, cyber
security, and developments in the U.S.-DPRK relationship.

On 5 January, Dato Lim Jock Hoi assumed office as ASEAN’s new secretary general—he will
serve from 2018-2022.

On 18 March, ASEAN and Australia signed a Memorandum of Understanding (MOU) on counter

terrorism, while jointly expressing grave concerns for the DPRK’s nuclear and ballistic missile
programs.

In April, ASEAN Centre for Energy published the report Pre-Feasibility Study on the
Establishment of Nuclear Power Plant in ASEAN, outlining the recent developments and prospects
of civilian nuclear power for the ASEAN member states. [18]

Organization of Petroleum Exporting Countries

Introduction:

The Organization of the Petroleum Exporting Countries (OPEC) is a permanent,

intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960,
by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five Founding Members were later joined
by: Qatar (1961) – terminated its membership in January 2019; Indonesia (1962) – suspended its
membership in January 2009, reactivated it in January 2016, but decided to suspend it again in
November 2016; Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria
(1971); Ecuador (1973) – suspended its membership in December 1992, reactivated it in October
2007, but decided to withdraw its membership effective 1 January 2020; Angola (2007); Gabon
(1975) - terminated its membership in January 1995 but rejoined in July 2016; Equatorial Guinea
(2017); and Congo (2018). OPEC had its headquarters in Geneva, Switzerland, in the first five
years of its existence. This was moved to Vienna, Austria, on September 1, 1965. [19]

Objectives:

OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in
order to secure fair and stable prices for petroleum producers; an efficient, economic and regular
supply of petroleum to consuming nations; and a fair return on capital to those investing in the
industry. [19]
Functions:

In accordance with its Statute, the mission of the Organization of the Petroleum Exporting
Countries (OPEC) is to coordinate and unify the petroleum policies of its Member Countries and
ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply
of petroleum to consumers, a steady income to producers and a fair return on capital for those
investing in the petroleum industry.

Contributions:

Major contribution by OPEC to pilot project for the participation of experts from developing
countries
Largest Single Contribution by OPEC A pilot project to enable experts from developing countries
to attend technical meetings organized by the Preparatory Commission for the Comprehensive
Nuclear-Test-Ban Treaty Organization (CTBTO) is now in its third year. The project is funded
solely through voluntary contributions, the largest single one coming from the Organization of the
Petroleum Exporting Countries (OPEC) Fund for International Development (OFID): US$
100,000. The project was until now mainly funded by voluntary contributions by the CTBTO’s
Member States. 17 of them have contributed so far: Austria, China, Finland, Hungary, Indonesia,
Malaysia, Morocco, the Netherlands, New Zealand, Norway, Oman, Qatar, Republic of Korea,
Slovenia, South Africa, Turkey, and the United Kingdom.[20]
 References
[1] Kym Anderson. (Mar 18, 2020). World Trade Organization. Retrieved from
https://www.britannica.com/topic/World-Trade-Organization
[2] A unique contribution. (n.d). Retrieved from
https://www.wto.org/english/thewto_e/whatis_e/tif_e/disp1_e.htm
[3] European Union: An introduction. (n.d). Retrieved from https://library.fiu.edu/EU
[4] European Union. (n .d). Retrieved from
https://en.wikipedia.org/wiki/European_Union#Background
[5] Goals and values of the EU. (n.d). Retrieved from
https://europa.eu/european-union/about- eu/eu-in-brief_en
[6] The EU’s international roles (25/11/2019). Retrieved from
https://eeas.europa.eu/headquarters/headquarters-
homepage_en/3637/The%20EU's%20international%20roles
[7] North American Free Trade Agreement. (n.d). Retrieved from
https://en.wikipedia.org/wiki/North_American_Free_Trade_Agreement
[8] WILL KENTON. (Feb 16, 2020). North American Free Trade Agreement Retrieved from
https://www.investopedia.com/terms/n/nafta.asp
[9] KIMBERLY AMADEO. (March 31, 2020). Purpose Retrieved from
https://www.thebalance.com/history-of-nafta-3306272#purpose
[10] KIMBERLY AMADEO. (March 31, 2020). Functions of nafta Retrieved from
https://www.thebalance.com/nafta-definition-north-american-free-trade-agreement-
3306147#functions-of-nafta
[11] KIMBERLY AMADEO. (March 31, 2020). Quadrupled trade. Retrieved from
https://www.thebalance.com/advantages-of-nafta-3306271
[12] SAARC (2 November 2011). "SAFTA protocol". SAARC. Retrieved from
https://en.wikipedia.org/wiki/South_Asian_Free_Trade_Area#cite_note-2
[13] History (n.d) Retrieved from
https://en.wikipedia.org/wiki/South_Asian_Free_Trade_Area#cite_note-3
[14] Objective (n.d) Retrieved from
https://en.wikipedia.org/wiki/South_Asian_Free_Trade_Area#cite_note-3
[15] Purpose (n.d) Retrieved from
https://en.wikipedia.org/wiki/South_Asian_Free_Trade_Area#cite_note-3
[16] Asean (n.d) Retrieved from
https://www.britannica.com/topic/ASEAN
[17] Objectives (n.d) Retrieved from
https://www.nti.org/learn/treaties-and-regimes/association-southeast-asian-nations-asean/
[18] Developments (n.d) Retrieved from
https://www.nti.org/learn/treaties-and-regimes/association-southeast-asian-nations-asean/
[19] https://www.opec.org/opec_web/en/about_us/24.htm
[20] https://www.ctbto.org/press-centre/highlights/2009/major-contribution-by-opec-to-pilot-project-
for-the-participation-of-experts-from-developing-countries/