Asian Clearing Union (ACU)

The objectives of the subject “Asian Clearing Union (ACU)” are the following:

1. To understand the aims and functions of the Asian Clearing Union
2. To assess the benefits for the Asian Clearing Union member countries
3. To analyse the concept of the Asian Monetary Units

Description: Asian Clearing Union (ACU)

The Asian Clearing Union (ACU) is an agreement that facilitates the payments between the ACU member states; it applies to the international payments for intra-regional transactions of the International Trade among the participating central banks.

The main objectives are to facilitate the international payments among the member countries for the eligible transactions.

The Asian Clearing Union (ACU) members are Bangladesh, Bhutan, India, Iran, Myanmar, the Maldives, Nepal, Pakistan, and Sri Lanka (Asia).

1. The Economic and Social Commission for Asia and the Pacific (ESCAP) founded the Asian Clearing Union (ACU)
2. Since the beginning of the Asian Clearing Union, the international transactions have experienced a remarkable growth
3. Recently, a total of transactions (one way plus accumulated interest) amounted to USD 15,830 million (31.4% growth compared to the previous year)
4. Based on the approval of the Board of Directors of the Asian Clearing Union, the accounts of the Asian Clearing Union (ACU) are held in “Asian Monetary Units,” comprising ACU dollar and ACU euro with effect from 2009.
5. The Board of Directors may make agreements with a Central Bank or the monetary authority of a participant to supply the necessary services and facilities for clearing facility operation
6. The Central Bank of Iran is the central agent for the Asian Clearing Union (ACU)

The Asian Clearing Union (ACU) belongs to:

1. Central Eurasian Economic Area (Islamic Civilisation)
2. Buddhist Economic Area
3. Hindu Economic Area

Indian Free Trade Agreements: Sri Lanka, Thailand, Indonesia, Singapore, ASEAN, South Korea, European Union, New Zealand, Africa-India, Mauritius, Canada, Australia, Gulf Cooperation Council, SACU, SAARC, BIMSTEC, IORA, APTA, EFTA, Chile, MERCOSUR, Andean Community...

Pakistani Trade Agreements: China, Mauritius, ASEAN, Economic Cooperation Organisation, SAARC, TPS-OIC, GSP

Logistics Corridors related to the Asian Clearing Union (ACU)

1. Bangladesh-China-India-Myanmar Economic Corridor
2. Asia-Africa Growth Corridor
3. East-West Economic Corridor (Myanmar-Thailand-Laos-Vietnam)
4. China-Pakistan Economic Corridor
5. Almaty-Bishkek Economic Corridor
6. Eurasian Land Transport Initiative (Silk Road)
7. International Transport and Transit Corridor of the Ashgabat Agreement
8. Nanning-Singapore Economic Corridor
   1. Pan-Beibu Gulf Economic Zone
9. China-Central Asia-West Asia Economic Corridor
10. India-Chabahar (Iran)-Afghanistan Economic Corridor
11. Kyrgyzstan-Tajikistan-Afghanistan-Iran Transport Corridor (KTAI-ECO)
12. Islamabad-Tehran-Istanbul Rail and Road Corridor (ITI-ECO)