Regional Comprehensive Economic Partnership (RCEP).

          The Regional Comprehensive Economic Partnership (RCEP) has come into effect since January 1, 2022, requiring the 10 ASEAN countries, Japan, South Korea, China, Australia, and New Zealand to implement the contract parties in terms of benefits. Tax and so on.

          The benefits that Thailand will receive from the RCEP agreement are the elimination of import duties on 39,366 Thai products, with the immediate reduction of tariffs to 0% on 29,891 items, on the part of China, Japan, and South Korea will reduce and eliminate customs duties on goods which are exported from Thailand in addition to the FTA contained in products such as fresh and processed fruits, fishery products, fruit juices, rubber and rubber products, automobiles and parts, plastics, chemicals, electrical appliance, computer, and components, etc.

         Facilitating trade for members such as perishable goods will be released from customs clearance within 6 hours, and normal goods within 48 hours, expanding opportunities for Thai service businesses to RCEP member countries such as construction, retail, health services, movies, and entertainment business, etc.

          For preferential tariffs under the RCEP framework, goods must be produced by the Rules of Origin, including:

         1. Wholly Obtained or Produced: WO goods.

         2. Goods obtained or manufactured wholly using raw materials obtained in the territory of the Contracting Parties under the Agreement (Produced Exclusively: PE).

        3. Produced Specific Rule: (PSR) that uses the criterion of the proportion of production value in the region Criteria for changing customs tariffs and criteria for chemical reactions.      

        In addition, entrepreneurs can also use proof of origin certification under RCEP in 2 forms:

        Form 1 Certificate of Origin Regional Economic Partnership Agreement (Form RCEP).

        Form 2: Declaration of Origin by an Approved Exporter.

        RCEP is a trade agreement that reduces trade barriers by charging import duties between ASEAN countries as 0 and using all benefits using the same Form D document in every country including helping to increase competitiveness by using raw materials and labor in ASEAN countries, reducing production costs and allowing investment in relocating production bases to be more convenient.

         In addition, it can be seen that the integration of ASEAN has helped to expand investment between each other more conveniently, knowledge has been exchanged, using and standardizing goods and services together, and cause the countries outside the group interested in investing has expanded to be the larger market.

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