InfoQuest (December 9, 2021) - According to Ms. Auramon Supthaweethum, Director-General of the Department of Trade Negotiations (DTN) under the Ministry of Commerce of Thailand, six ASEAN member states, including Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam and four non-ASEAN member states, including China, Japan, New Zealand and Australia have ratified the Regional Comprehensive Economic Partnership (RCEP), which will take effect from January 1, 2022.
The DTN hopes that enterprises will strengthen the study and understanding of trade rules within the RCEP, and make business plans and develop products based on market demands.
After the entry into force of the RCEP, 29,891 products of Thailand can enjoy zero tariff immediately. China, Japan and South Korea will further reduce or cancel tariffs on Thailand's fresh or processed fruits, fishery products, fruit juices, rubber and rubber products, automobiles and parts, plastic products, chemicals and other export products based on the original free trade agreement (FTA). In addition, Thailand's construction, retail, health care, film and entertainment industries will get more development opportunities and are expected to expand further.
The RCEP is the 14th FTA signed by Thailand, and the largest one in the world since it covers 30.2 percent of the world's total population. In the first 10 months (from January to October), the total trade between Thailand and RCEP member countries was US$256 billion, of which Thailand exported US$120 billion worth of products to RCEP member countries and imported US$136 billion worth of products from RCEP member countries.
Source: InfoQuest, by Phnl/Tanawat Suayaem/Sasithorn Simaporn, translated by Xinhua Silk Road
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