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| Thai Businesses Urged To take Advantage Of FTAs |
by Mary Swire, Tax-News.com, Hong Kong
Monday, August 16, 2010
A certain lack of knowledge within Thailand’s business community about
the opportunities offered by Thailand’s existing free trade agreements
(FTAs) with Australia and New Zealand, and by South Korea’s similar agreement
with the Association of Southeast Asian Nations (ASEAN, of which Thailand is a full member), has been identified
by the government.
For example, according to the Department of Foreign Trade (DFT), Thailand’s
exports to Australia reached a total of USD5bn in the first half of this year,
of which it believed that only one-half was traded under the Thailand-Australia
FTA.
The DFT is hoping to spread the message amongst Thailand’s businesses
that they should be aware of what products are included in the reduced tariffs
under the two bilateral FTAs. In that way, it says, they can take advantage
of the agreements and expand their markets.
A similar message is also being given to encourage the utilisation, by both
importers and exporters, of the ASEAN-South Korea FTA. It was said that a working
group under the FTA has recommended that member countries of the agreement should
encourage their businesses to make more use of its tariff benefits.
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