The purposes of the ASEAN Economic Community (AEC) are to establish a single market and allow member nations to share resources, whether in the form of labor or capital investment. The establishment of regional economic cooperation has never been more significant to the ASEAN region.
As ASEAN countries have become more aware of the AEC’s arrival, an increasing number of trade and economic cooperation pacts have been established among them in a bid to protect themselves from economic threats as business competition continues to grow more competitive day by day.
According to Ms Pranee Siripan, Director-General of the Department of Foreign Trade, in order for ASEAN to have a place in the global market, the group has set up free trade agreements with non-member nations, which include China, Japan, South Korea, India, Australia and New Zealand.
China was the first country that ASEAN chose to establish the FTA with due its great potential and large economy. It is a major export market for many countries, including Thailand. Currently, tariffs for over 5,000 products exported from ASEAN to China have been reduced to zero under the FTA. However, exporters need to carefully study rules and regulations under the FTA in order to make the most out of trading with China.
The Department of Foreign Trade will hold a seminar on June 6 on the benefits of the ASEAN-China FTA for Thai products. There will also be consultation services at the seminar with an aim to provide information and assistance for Thai exporters and investors. The event will take place in Chiang Rai with no admission charges.