Thailand speeds up process to submit RCEP ratification to ASEAN Secretariat

The Ministry of Commerce estimates Thailand has a total of 40,000 products that will benefit from the duty reduction, with 29,000 to enjoy zero tariffs in the first phase (Photo VNA)

Bangkok (VNA) – The Thai Ministry of Commerce on May 17 said three State agencies of this country are speeding up issuance of related regulations to submit the ratification of the Regional Comprehensive Economic Partnership (RCEP) to the ASEAN Secretariat in October.

Local media quoted Auramon Supthaweethum, director-general of the ministry’s Trade Negotiations Department, as saying that the Customs Department is working to issue regulations on customs tariffs to be collected from RCEP members.

Meanwhile, the Foreign Trade Department is upgrading the system to issue certificates of origin, and the Office of Industrial Economics plans to issue an announcement about the conditions of auto parts imports under the pact.

The ministry previously estimated Thailand has a total of 40,000 products that will benefit from the duty reduction, with 29,000 to enjoy zero tariffs in the first phase.

The remaining of the exports are scheduled to see their tariffs gradually reduced to zero in 10-20 years, based on the conditions of each RCEP member.

RCEP was signed by 15 nations in Asia-Pacific including Thailand last November. It requires ratification from at least nine countries (at least six from ASEAN and three non-ASEAN countries) to take effect. The world's biggest free trade deal is making good progress with Singapore and China already submitting their ratification./.

VNA