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Thailand: Free Trade Achieves Manufacturing Center in Southeast Asia

source:[Gravimetric blender]   release time:2021-04-23 09:38:18

"The Regional Comprehensive Economic Partnership Agreement (RCEP) is expected to be implemented. By then, many commodities and trade, especially the retail of agricultural products, fishery products, industrial products and services, as well as trade in the fields of health care and construction, will be implemented. Will benefit from RCEP.” Thailand’s Deputy Prime Minister and Minister of Commerce Zhu Lin said that the official signing of RCEP has opened the door to a larger market for Thailand. As a member of the world’s largest free trade zone, Thailand can benefit from many aspects. As a member of RCEP, Thailand's exports of agricultural products, industrial products, and service commodities are expected to further expand, and the exports and investment of each member country will become more flexible and flexible.

RCEP stimulates greater development potential

The landing of RCEP will stimulate the huge development potential of countries in the region, and each country is an important force to promote regional economic integration.

According to analysis, the growth of Thailand's commerce and investment is what the topic implies. Exports of agricultural and food products, electrical equipment, rubber, chemicals, auto parts, and retail will gain more space.

RCEP means a broader and more open market for Thailand. Thailand is a net exporter. Its local manufacturing is mainly automobiles, electronic components and chemicals. For the past 30 years, Thailand has been playing the role of the processing industry center in Southeast Asia. Among the members that have signed the RCEP, the manufacturing cost of industrial products in Thailand is relatively high. Low, coupled with its accumulated supply chain advantages over the years, joining RECP is more beneficial to the development of Thailand’s domestic processing industry.

Actively promote more free trade negotiations

In recent years, the development of free trade agreements has been in the ascendant all over the world, and Thailand has also invested heavily in this, actively participating in the process of international trade liberalization, and has made great progress in negotiating and signing free trade agreements with some economies. The free trade agreement is of great significance to the promotion of Thailand’s trade and the level of its export-oriented economy.

Including RCEP, Thailand has signed free trade agreements with nearly 20 economies, covering ASEAN member states, China, Japan, South Korea, India, Australia, New Zealand, Chile and Peru. The bilateral agreements include Thailand-India, Thailand-Australia, Thailand-New Zealand, Thailand-Japan, Thailand-Peru, Thailand-Chile, etc.

The free trade process does not stop there. Thailand also plans to reach free trade agreements with more countries in 2021. According to the director of the Thai Trade Negotiations Office, Olamon Suptavetum, Thailand is stepping up negotiations with Turkey, Sri Lanka and Pakistan to sign free trade agreements.

Thailand also plans to initiate free trade agreement negotiations with other important economies, including the United Kingdom, and plans to complete a study on the impact of the free trade agreement between Thailand and the United Kingdom in early 2021. Thailand also intends to resume negotiations on the Thailand-EU Free Trade Agreement. The Thai Trade Negotiation Office will submit a complete research report on the impact of the Thailand-EU Free Trade Agreement to the Cabinet in December. Data shows that reducing tariffs through the Thailand-EU Free Trade Agreement will increase bilateral trade by 3.4%, thereby driving Thailand's GDP growth by 1.6%. 
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