The Regional Comprehensive Economic Partnership (RCEP) agreement came into effect on January 1 and now provides member countries with multiple import tariff waivers. The development is expected to create export opportunities for Thai products, with the prime minister tasking relevant agencies with laying down a working system for enabling the public to benefit fully from the RCEP agreement.
The RCEP agreement creates the world’s largest free trade area and sees the participation of 15 member countries, including China, Japan, South Korea, Australia, New Zealand and Thailand. The free trade area encompasses 2.3 billion people, or about one-third of the world’s population, bringing into play a vast and open market for imports and exports of goods and services. Thailand is benefiting from a 0% tariff on almost 30,000 export items, and this is expected to boost export productiveness and the competitiveness of Thai businesses. Additionally, the RCEP is opening new markets for Thai exports, as businesses also benefit from trade facilitation services, especially those relating to customs.
The RCEP framework is expected to enable millions of Thai SMEs, which are at the core of the nation’s economy, to access the new market and benefit from the tariff concessions and other perks. In turn, it is hoped that SMEs will generate more income and employment for the country.
Prime Minister Gen Prayut Chan-o-cha has ordered relevant agencies to improve, promote and facilitate convenience in various matters that would enable businesses and the public to take full advantage of the RCEP agreement.(NNT)
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