InfoQuest (December 29, 2021) - According to Mr. Sinit Lertkrai, Deputy Minister of Commerce of Thailand, member states of the Regional Comprehensive Economic Partnership (RCEP), including Thailand, have completed the RCEP approval process to facilitate its entry into force. RCEP, apart from realizing trade liberalization, eliminating trade barriers, encouraging the use of raw materials, and offering further regional trade convenience on the basis of Thailand's original Free Trade Agreement (FTA), also adapts to the new normal of trade.
Changes are seen in the global business model and consumer behavior amid the pandemic, bringing about more e-commerce and digital technology applications in economic and social activities, and rising online direct transactions between consumers and manufacturers or farmers, said Mr. Sinit.
RCEP aims to establish a more open international business environment beneficial to the development of digital trade, so as to further reduce costs and increase trade opportunities for SMEs and farmers. Moreover, it incorporates modernization issues such as intellectual property rights, e-commerce and promoting the development of SMEs.
The signing of RCEP will comprehensively improve the overall level of intellectual property protection in the region and provide convenience for Thai enterprises to apply for and obtain intellectual property protection in member states. For example, an online application system for intellectual property rights has been launched to further international patent registration and trademark registration and improve the efficiency of Internet copyright protection. The above moves will further reduce the cost of intellectual property registration, enhance protection for enterprises in their intellectual property application in RCEP member states, prevent infringement of intellectual property rights of Thai enterprises, and encourage enterprise innovation.
RCEP also creates a favorable business environment for the development of e-commerce, broadens e-commerce channels, and boosts consumers' confidence in online consumption. RCEP allows its member states to introduce laws and regulations to protect the personal information of e-commerce users, as well as the rights and interests of online consumers, and strengthen supervision cooperation for uninvited commercial electronic information.
"The Ministry of Commerce will hold relevant activities for SMEs, small and micro community enterprises (SMCE) and farmers to share information on market access and integration into the global industrial chain, so as to enhance the innovation ability of SMEs, enable them to make good use of regional production networks, obtain more income and further expand trade and investment in Thailand and the region," added Mr. Sinit.
Source: InfoQuest, by Papatson Ongphichetmetha/ Kasamarporn Kittisamphan, translated by Xinhua Silk Road
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