The third volume of the AFTA Reader focuses on the decisions of the 26th ASEAN Economic Ministers (AEM) Meeting held in September 1994 in Chiang Mai, Thailand and the progress made so far in implementing them. The decisions of the Ministers last September have the effect of accelerating the realisation of AFTA as well as broadening the commitments made by Member Countries. There are other on going activities that are related to AFTA which have an important bearing on how well its objectives in liberalising trade in the region can be achieved. Under Article 5 of the CEPT Agreement, Member Countries are required to eliminate quantitative restrictions on products upon immediate enjoyment of CEPT concessions and eliminate other non-tariff barriers five years upon enjoyment of CEPT concessions. This volume of the AFTA Reader updates the reader on the progress made in this area. Widely diverging tariff nomenclature, customs procedures and valuation methods can act as significant non-tariff barriers. Hence, the Fifth AFTA Council agreed that harmonisation in these areas will have to be an ongoing process in the realisation of AFTA. This volume reports on progress in customs cooperation in ASEAN. Finally, this issue of the AFTA Reader continues the Question & Answer (Q & A) section and provides the latest figures on intra-regional trade.