Regional Comprehensive Economic Partnership (RCEP).

     After the Regional Comprehensive Economic Partnership (RCEP) comes into force, it plays an important role in the production of goods and services of member countries by receiving preferential taxation and reducing complex processes.

     For Thailand, it was found that the products that will benefit from RCEP in addition to the existing FTA are:

     The Chinese market includes processed pineapple, canned longan, pineapple juice, coconut juice, tobacco, plastic resin, synthetic rubber, and automotive parts.

     South Korean market includes synthetic rubber, fresh and processed seafood, chicken, pork, lumber, sweet corn, bicycles and parts, motorcycles and parts. 

     In addition, from the reduction of tariffs between China, Japan, South Korea, and New Zealand, it is an opportunity to export Thai products through additional production chains, including automotive parts, chemicals, rubber products, plastic products, electronic parts, plastic pellets. 

      In the future, Thailand will be an interesting investment destination as Thailand is now an important production base in tires, rubber product processing, food processing, and agricultural products.

     Goods made in RCEP make it easy and convenient to export goods in member countries. The opening of the market for goods in RCEP will have different time frames, divided into 

     1) The 80% proportion of the products that have been agreed to be divided into the first group, 65% of the products will reduce the import duty to 0% in the first year and the other 15% will gradually reduce the duty to 0% in 10-15 years. 

    2) Another 20% of sensitive and highly sensitive goods will not be subject to a reduction in tariffs depending on negotiations.

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