Thailand’s trade with RCEP members increases last year

Illustrative image (Photo: AFP/VNA)

Hanoi (VNA) – Thailand recorded 300 billion USD in trade with other member countries of the Regional Comprehensive Economic Partnership (RCEP) in 2022, up 7.11% year on year, official data showed.

Thai Deputy Minister of Commerce Sinit Lertkrai said since taking effect in January 2022, the RCEP has yielded positive results for the country's trade with other members.

Thailand's exports to RCEP members amounted to 140 billion USD last year while its imports from the countries totalled 160 billion USD, according to the Commerce Ministry.

The official said the pact has not only provided additional tariff reduction or elimination for Thai businesses but also offered trade facilitation measures to speed up customs clearance procedures, which is especially beneficial for the trade of perishable products.

It has also provided more options for Thai firms in exporting goods to and importing goods from RCEP member countries, he added.

The RCEP comprises 10 members of the Association of Southeast Asian Nations (ASEAN), namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, together with their five trading partners, namely China, Japan, the Republic of Korea, Australia, and New Zealand./.

VNA