Regional Economic Partnership Agreement (RCEP).

        After the Regional Economic Partnership Agreement (RCEP), a trade agreement with 10 ASEAN nations and China, Japan, South Korea, Australia, and New Zealand as members, which will go into effect on January 1, 2022, Thailand will be able to benefit from the cancellation of import duties imposed on Thai goods from 39,366 member countries and, in part, China, Japan, and South Korea will reduce and eliminate customs duties on goods exported from Thailand.

         In addition, it also allows Thailand to open markets for trade and investment in 14 other countries.

         For Thai products that will receive benefits, divided into 5 categories:   

1. Agricultural products such as cassava starch, pineapples, fishery products, etc.
2. Food category includes processed fruits and vegetables, orange juice, coconut juice, and other processed foods.
3. Industrial products include electrical equipment, plastics, paper, chemicals, automotive parts, etc.
4. Service category, construction category, health business, movie business, entertainment, animation
5. Retail

      In the first year, many imported food items will have a 0% tax divided into

• Frozen fisheries such as salmon, tuna, sardines, squid, lobster
• Fresh, chilled, frozen vegetables such as tomatoes, broccoli, cabbage, lettuce
• Fruit group such as dried pineapple, guava, dried mango, strawberry, raspberry, blackberry, mulberry, longan, orange, dried orange, kiwi, lychee, rambutan.
• Coffee, tea, spices such as cinnamon
• Cereal products such as seaweed
• Processed fruit and vegetable products such as frozen orange juice, apple juice have a brix value not exceeding 20

         The RCEP agreement also facilitates trade for its members, for example, perishable goods can be cleared within 6 hours for customs clearance and normal goods within 48 hours, and expand opportunities in Thai service businesses to RCEP member countries, such as construction, retail, health, movies, and entertainment

Source: DEPARTMENT OF FOREIGN TRADE
Tel: +66 2-528-7500-29