Commerce Minister Altaf Hossain Choudhury signed the agreement on behalf of Bangladesh, according to a message received here yesterday.

The existing Bangkok Agreement has formally been transformed into Apta through the signing.

The commerce ministers of China, India, Sri Lanka, South Korea and Laos, who are also the core members of the Bangkok Agreement, signed the accord at the first meeting of the Apta council of ministers, said the message.

The Chinese commerce minister has been elected chairman of the Apta council of ministers while Bangladesh commerce minister has been elected vice-chairman of the trade bloc.

The new bloc is set to create a preferential trade area in the Asia-Pacific region for the member states.

Other countries, which took part at the meeting and are aspirants for entry into the bloc, include Macao, Hong Kong, the Philippines, Pakistan, Malaysia, Brunei and Georgia.