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 May17 said three State agencies of this country are speeding up issuance ofrelated regulations to submit the ratification of the Regional ComprehensiveEconomic Partnership (RCEP) to the ASEAN Secretariat in October.

Local media quoted Auramon Supthaweethum, director-generalof the ministry’s Trade Negotiations Department, as saying that the CustomsDepartment is working to issue regulations on customs tariffs to be collectedfrom RCEP members.

Meanwhile, the Foreign Trade Department is upgrading thesystem to issue certificates of origin, and the Office of Industrial Economicsplans to issue an announcement about the conditions of auto parts imports underthe pact.

The ministry previously estimated Thailand has a total of40,000 products that will benefit from the duty reduction, with 29,000 to enjoyzero tariffs in the first phase.

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

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

VNA