Infoquest, (March 16, 2020) -- Ms. Onmon Subthawitham, director-general of the Department of Trade Negotiations (DTN), revealed that a data survey of Thailand's international trade shows that from the year when the AFTA took effect to 2019, ASEAN has been Thailand's largest trading partner, and Thailand-ASEAN trade has grew by 976 percent, with export 1,301 percent and import 713 percent.
Before AFTA took effect in 1992, the trade volume between Thailand and ASEAN was only 10.031 billion U.S. dollars, including 4.49 billion U.S. dollars of export and 5.541 billion U.S. dollars of import. Yet in 2019, the trade volume increased to 107.928 billion U.S. dollars, including 62.904 billion U.S. dollars of export and 45.024 billion U.S. dollars of import, with a trade surplus over 17.88 billion U.S. dollars.
A comparison of the trading data of major Thai export goods applying for the use of preferential rights before FTA signing and in 2019 showed that, the trade volume of auto and parts has grew by 36,860 percent, the highest; the second was plastic particles, which has grew by 7,246 percent, followed by 6,575 percent of refined oil products, 5,594 percent of fresh, refrigerated and frozen fruits, and 4,854 percent of cosmetics and skincare products, added she.
In 2019, among ASEAN countries, Malaysia realized the highest trade volume with Thailand, accounting for 21.6 percent. The second was Vietnam, accounting for 16.3 percent, followed by 15.3 percent of Singapore, and 15.1 percent of Indonesia.
AFTA has also enhanced investment atmosphere, and made Thailand, a country sits in the central part of Southeast Asia, receive more attention from international investors; in 1992, Thailand had accumulated FDI of 2.151 billion U.S. dollars, and in 2019, the amount increased to 9.01 billion U.S. dollars, up 319 percent, added she. Besides, Thailand has worked with ASEAN to develop trade facilitation mechanism, such as ASEAN trade database system NTR, which pools together information of customs tariff, legal affairs, laws and regulations, and trade measures of relevant ASEAN countries in terms of trade in goods, trade in services, and e-commerce.
Relevant information is available at the website of Thailand trade database: www.thailandntr.com; ASEAN Solutions for Investments, Services and Trade (ASSIST, website: assist.asean.org), which is an online channel for ASEAN businessmen to make complaints on trade and investment barriers under the ASEAN framework and get replies; ATIGA Form D, a system for the exchange of Form D via ASEAN single window that connects 10 countries.
AFTA involves 10 member states, including Thailand, Brunei, Indonesia, Malaysia, the Philippines, Singapore, Vietnam, Cambodia, Laos and Myanmar. In 1993, the members agreed to open the market of trade in goods, and canceled almost all tariffs, except for some goods. Thailand still maintains a 5 percent tariff for dry coconut, coffee beans, flowers and potatoes.
Source: InfoQuest, by Phana / Kasamarporn/ Rachada, translated by Xinhua Silk Road.
Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.
A single purchase
