InfoQuest (January 17, 2022) - According to Mr.Sinit Lertkrai, Deputy Minister of Commerce, Comprehensive Economic Partnership (RCEP), officially coming into force on January 1, will bring substantial benefits to Thailand, including reducing production costs, improving production efficiency, increasing export opportunities and providing Thai people with a rich variety of products and services, so as to promote Thailand to be an important link in the regional production chain.
Thai enterprises should take the RCEP as an opportunity to increase their exports. Member States will exempt 39,366 Thai products from tariffs and 29,891 Thai products will immediately enjoy zero tariff treatment.
In addition, Thai enterprises could also enjoy the benefits of the rules of origin, which apply to all commodities, and expand the choice of raw materials.
RCEP is the first free trade agreement (FTA) of ASEAN with the Product Specific Rules, which aims to show the real production process and provide preferential tariff treatment.
The Deputy Minister also urges Thai enterprises, farmers, and other stakeholders to make good use of RCEP and understand the relevant regulations of each member state, to sharpen their competitive edge.
Source: InfoQuest, by Papatson Ongphichetmetha/Rachada Kongkhunthian, translated by Xinhua Silk Road
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