The United States has announced that it will retain GSP coverage for 9 categories of Thai products, urging the private sector to make the most of this opportunity to boost the value of exports, according to Minister of Commerce Apiradi Tantraporn.
Minister Apiradi said that the United States decided to maintain the Generalized System of Preferences (GSP) treatment on 9 Thai product categories, including orchids, durians, dried papayas, and dried tamarinds, as well as provide Competitive Need Limit (CNL) Waivers for processed coconut and copper wires, effective from 1 October 2015.
The eligible products, mostly agricultural, will be exempt from US income tax, which is the equivalent to about 70 million baht.
The Commerce Minister said that all Thai products covered by the GSP in the past will continue to receive the same benefits, while entrepreneurs and exporters are encouraged to take this opportunity to increase their exports from Thailand to the US, which should hopefully increase national economic output.
