Equatorial Trade Forum

Equatorial Trade Forum Forum Ara-barotra Ekoatorialy (Nylele) Diễn đàn Thương mại Xích đạo (Daoan) Alalukwo Janijaktal (Kajeran) Forum Perdagangan Katulistiwa (Raji)
Flag Emblem
Motto: Mitovy daholo ny zavatra hafa rehetra All things being equal
Logo
Member states shown in dark green. Associate members in light green
Secretariat	Congvat
Largest city	Tau Harimua
Lingua Franca	Nylele
Official languages of member states	Daoan Raji Kajeran
Membership	Full members Daobac Kajera Onekawa-Nukanoa Pulau Keramat Associate members Pulacan Zanzali
Leaders
• Presidency of the Quorum	Kajera
• Speaker of the Council	TBD
• Secretary-General	TBD
• Chairperson of the Committee	TBD
Establishment
• Nhivaran Protocol	27 October 1985
• Treaty of Congvat	15 February 1988
• Free Trade Agreement	5 July 1990
Area
• Total	1,828,032 km2 (705,807 sq mi)
Population
• 2022 estimate	184,062,741
• Density	100.7/km2 (260.8/sq mi)
GDP (nominal)	2022 estimate
• Total	$4.834 trillion
• Per capita	$26,267
Gini	25.5 low
HDI (2022)	0.887 very high

The Equatorial Trade Forum (ETF) (Nylele: Forum Ara-barotra Ekoatorialy), commonly abbreviated with in Nylele as Foareko, is a Malaioan trade bloc founded in 1988 by Daobac and Pulau Keramat. The two nations had grown frustrated with the Association of Ozeros Nations's (AON) lack of interest and political willpower for further economic integration in the region. As a result, Daobac and Pulau Keramat established Foareko as a separate organization from the AON with the express purpose to promote and foster economic and financial cooperation amongst its member states. Two key components of the bloc include a free trade agreement (FTA) as well as a standardization program known as the Equatorial Standard Guidelines (ESG), both of which are fully adopted and implemented by its members. Full members of Foareko include its two founding members and has expanded to include Kajera and Onekawa-Nukanoa. Associate members of the bloc include Pulacan and Zanzali, both of whom has partially adopted or implemented sections of either, or both, the FTA or ESG. All of the bloc's governing agencies are headquartered in the city of Congvat, Daobac. Statistics show that Foareko's full members have a combined total population of 184,062,741 people, encompasses an area of 1,828,032 km² (705,807 sq mi), total GDP of $4.834 trillion and a GDP per capita of $26,267, making it one of the largest trade blocs in the world. Structurally the bloc is divided into four main agencies, each of which are responsible for certain aspects of Foareko: the Quarum, Council, Secretariat and Committee. Heads of go vernment from all members of Foareko meet once a year in an event known as the Foareko Summit, held in the capital city of one of the bloc's full member states. The selection process of the host city is done so on a rotational basis, ensuring that all member states are given the opportunity to host the penultimate gathering. Some politicians and experts have floated the idea for closer economic integration for Foareko such as the adoption of a customs union and eventually a single market. However since doing so implies the surrendering of some of its member states sovereignty, this idea has not been seriously discussed in any Foareko Summits.

Overview

The Foareko was established in response to the Association of Ozeros Nations lack of willingness to coordinate economic integration amongst its member states. Many proposals related to economic growth & development of the AON, such as free trade agreements, put forward by both Daobac and Pulau Keramat were voted down by narrow margins, mostly from the eastern members of the AON who were opposed to further integration of the organization. As a result members of the Daoan and Pulaui government came to see the AON's function's as a discussion forum to promote international development and political stability to maintain the geopolitical status quo of the Ozerosi region. Foareko was founded with some degree of closer integration amongst its member states, but at the same time it does not bind its members into a permanent union. The structure of the bloc, its key institutions and treaties were all made to reflect these values. It helps facilitate trade negotiations amongst its member states, advises member states on sound economic and monetary policies, and when asked to do so; the bloc may negotiate international trade agreements with foreign nations on behalf of its member states. Member states are free to establish and pursue their own economic ventures outside of the ETF so long as they do not conflict with a member state’s existing commitments with the bloc. In spite of its lack of deeper economic integration many experts have pointed out that the Foareko indirectly promotes deeper economic ties amongst its member states and it is in its member states interest to do so. The Foareko Free Trade Agreement (FTA) is one of the largest in the world and the presence of the Foareko gives smaller nations such as Daobac and Kajera more voice when negotiating with non-Foareko states. The Equatorial Standard Guidelines For around three years since its establishment Daobac and Pulau Keramat were the Foareko's only members, however it gradually expanded to include new full members as well as associate members. Kajera became the Foareko's third full member in 1993 whereas Onekawa-Nukanoa eventually joined to become its fourth full member in 1996. Both Zanzali and Pulacan expressed their interest in joining the Foareko and became associate members of the bloc on 1999 and 2004 respectively.

Pillars

Foareko Free Trade Area

The Foareko FTA (FFTA) is a free trade agreement amongst its member states established to support local trade and manufacturing amongst all Foareko countries, its immediate neighbors and the rest of the international community. The Foareko FTA is considered as one of the largest and most important trade areas of the world, due the large combined total GDP as well as the strategic geopolitical location of its member states that occupies the Kayatman, Ozerosi and Karaihe seas. The primary purpose of the FFTA is to increase Foareko's competitive edge in the world market by the elimination of tariffs and non-tariff barriers and to attract more foreign direct investment for its member states. A key element in the FFTA is the rules of origin policy which governs that only goods that were produced or manufactured entirely within Foareko countries are eligible to be included in the FFTA. This encourages FFTA countries to invest and improve their domestic production base rather than outsource them abroad. The FFTA encompasses almost all types of goods including:

• Fast-Moving Consumer Goods
• Durable Goods
• Luxary Goods
• Capital Goods
• Intermediate Goods
• Common Goods

The FFTA however does not enforce a common external tariff for goods and services imported by Foareko's member state, which means each member state are free to impose their own tariffs and quotas on imported goods from non-Foareko countries. There is however there is a level of understanding amongst Foareko countries to impose similar levels of tariffs and quotas to imported goods in order to reduce the risk and consequences of foreign nations utilizing the lack of a uniform set of quotas & tariffs in Foareko countries. There is also a list of goods that are exempted from the FFTA, these are typically sensitive goods related to national security or those from small local industries that a member state wishes to protect. Currently the FFTA excludes the following goods:

• Unprocessed fish products
• Hardware & technologies related to aerospace, environmental and chemical engineering.

Equatorial Standard Guideline

The Equatorial Standards Guideline (ESG), is a series of documents of the ETF that advises and oversees the voluntary standardization of products, services, processes and systems in the ETF. It was spearheaded by various business leaders from the Standards Working Group, a part of the Foareko Committee. While the ESG is non-binding and voluntary in nature, the bloc gives incentives to member states who adopt and implement the ESG in full. These incentives include shorter transit times for goods entering ports, reduced and if not eliminated number of certifications that a good must fulfill before being able to be imported to another country within Foareko. Therefore it is in a member state’s interest to follow the guidelines as set forth in the ESG to more effectively compete in the Foareko market. ESG provides guidelines for the following aspects:

• Quality Management
• Infrastructure
• Manufacturing
• Technology
• Health & Safety
• Energy Management
• Food safety
• IT Security
• Financial Transactions

One of the ESG's most notable achievement is the implementation of the Quick Response Code Fuaroke Standard (QRFS), a QR Code standardization project spearheaded by Trade Facilitation & Financial Integration Committees of the Fuaroke Committee. Before the development of QRFS many QR codes of various cashless and mobile payments were exclusive to themselves. This means the QR code from Company A cannot be used by those from Company B, this became the source of great inconvenience of many consumers as they were forced to adopt and register for multiple cashless payment applications. Businesses were also placed in a difficult, cashless payment is gradually becoming the new norm and so many businesses had to spend extra money to provide multiple QR codes to accomodate each customer's different payment methods. To resolve this the Fuaroke Committee for Trade Facilitation & Financial Integration formulated the QRFS guideline in 2009 to help streamline cashless payment services for both businesses and consumers.

See also

• Angrast Accord
• Rubric Coast Consortium
• Trans-Periclean Free Trade Area