Citizen Media Watch

december 9th, 2020

Free Trade Agreement Thailand

Posted by lotta

Learn how Thomson Reuters solutions can simplify your overall business management process. Thailand has a limited free trade agreement with Laos (1991) and another with China (agriculture only, 2003), a framework agreement with Bahrain (as a springboard to a free trade agreement with the GCC, 2002), Peru (2003) and India (2003) and a fairly comprehensive free trade agreement with Australia (2003), New Zealand (2005) and Japan (2007). Austrade can help Australian companies become familiar with local market conditions and help develop export opportunities through a number of market and Australian services. Launched in January 2004, the ASEAN-China Agreement (ACFTA) has since created the world`s largest free trade area, with 1.7 billion consumers, with gross domestic product (GDP) totalling approximately $2 trillion and a total trade volume (imports and exports) of about $1.2 trillion. This agreement has had a very positive impact on the Thai economy. According to the Ministry of Commerce, China (including Hong Kong) is by far Thailand`s largest trading partner, with a total trading value of $79 billion in 2015, with a trade value of $79 billion, followed by Japan with $51 billion and the United States with $38 billion. The other trading partners in the top ten are all Thailand`s neighbors in ASEAN and Asia-Pacific: Malaysia, Singapore, Indonesia, Australia and Vietnam. [i] Thailand is a regional member of ASEAN and is therefore part of the bloc`s free trade agreements with China, Korea, India, Australia and New Zealand and the EU. He is also a member of BIMSTEC and was at least the protagonist under Thaksin, who worked for greater integration of trade and investment in the Mekong region under ACMECS, a framework for cooperation between Burma, Cambodia, Laos, Thailand and Vietnam. In the International Trade and Investment Rankings, Thailand ranks 49th (out of 189 economies) in the World Bank`s Ease of Doing Business Chart 2016. According to the ranking, and compared to the previous year, almost all difficulties have increased, including Thailand`s trade on cross-border groups (55 last year and 56 this year).

For example, in the past, supply chains have identified barriers that generally lead to trade facilitation for physical infrastructure, as well as administrative barriers and delays in Thailand`s customs and export processes. This delay was most widespread with respect to the transfer of the standard load from the factory door into the port, and then the additional process with administrative and port requirements until the cargo was loaded onto a ship. [ii] Thailand continues to address concerns affecting trade facilitation and is constantly looking for ways to improve product transfer processes in and out of the country. Tariffs that have not been abolished immediately will be phased out, with 95% of the current total trade between Australia and Thailand being totally tariff-free by 2010. In some cases, these rates were up to 200%.

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