A commerce official has noted that the Regional Comprehensive Economic Partnership (RCEP) has enhanced trade liberalization and investment facilitation since its entry into force in January, strengthening regional supply chain and economic integration.
The remarks were made by Auramon Supthaweethum, Director-General of the Department of Trade Negotiations under Thailand’s Ministry of Commerce. She said the RCEP, which groups 10 ASEAN member states as well as China, Japan, South Korea, Australia and New Zealand, has come “at the right time” as open trade remains important to the post-pandemic recovery.
Under the pact, trade is facilitated via the tariff reduction and elimination, the liberalization of trade in services and investment, as well as the unified rules of origin, regulations concerning e-commerce, small and medium-sized enterprises (SMEs) and customs procedures.
Taking Thailand as an example, she said the RCEP has helped enhance the kingdom’s trade with RCEP member countries, which accounts for around 60% of Thailand’s total foreign trade volume.
Official data showed that in the first nine months of the year, Thailand’s trade with RCEP member countries climbed 10.1% year-on-year to US$252.73 billion. (PRD)