Thailand’s trade with other Regional Comprehensive Economic Partnership (RCEP) member economies increased 7.11% year-on-year to 300 billion US dollars in 2022.
The Ministry of Commerce recently disclosed that Thailand’s exports to RCEP member countries totaled 140 billion dollars last year, while its imports from RCEP member countries totaled 160 billion dollars.
According to Deputy Commerce Minister Sinit Lertkrai, the partnership has resulted in major benefits for Thai commerce with other RCEP nations since the pact’s entry into force in January 2022. He said the agreement not only reduces or eliminates tariffs for Thai businesses, but also streamlines customs clearance procedures, which is especially beneficial for the trade of perishable products.
He added that the pact provided more options for Thai businesses moving goods to and from RCEP members.
The RCEP comprises 10 members of the Association of Southeast Asian Nations (ASEAN) and trading partners China, Japan, South Korea, Australia and New Zealand. (NNT)
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