Logo of Phnom Penh Post newspaper Phnom Penh Post - Thailand ratifies RCEP, set to come into force in January

Thailand ratifies RCEP, set to come into force in January

Content image - Phnom Penh Post
Thai commerce minister Jurin Laksanawisit on Monday announces that Thailand has ratified the Regional Comprehensive Economic Partnership (RCEP). THE NATION

Thailand ratifies RCEP, set to come into force in January

Thailand ratified the Regional Comprehensive Economic Partnership (RCEP) on October 28, commerce minister Jurin Laksanawisit said on November 1, adding that the pact should come into force by January.

The pact will remove export tariff on 39,366 items and expand the market for many Thai products such as fresh and processed fruit, fishery products, rubber etc.

Jurin said Singapore, Brunei, Laos, Cambodia and Vietnam, along with non-ASEAN countries China and Japan have ratified the pact.

If one more non-ASEAN country sanctions the pact, all conditions will have been met, he said.

Terms stipulate that RCEP must be ratified by at least six of 10 ASEAN members and three out of five non-ASEAN signatories.

RCEP is a free-trade agreement among 15 Asia-Pacific countries, namely Australia, Brunei, Cambodia, China, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam.

With 15 members, RCEP is seen as the largest FTA ever, covering 2.3 billion people or 30 per cent of the global population. The member states account for 33.6 per cent or a third of the world gross domestic product (GDP) and a third of global trade.

THE NATION (THAILAND)/ASIA NEWS NETWORK

MOST VIEWED

  • Angkor lifetime pass, special Siem Reap travel offers planned

    The Ministry of Tourism plans to introduce a convenient, single lifetime pass for foreign travellers to visit Angkor Archaeological Park and potentially other areas. The move is designed to stimulate tourism to the culturally rich province of Siem Reap as the start of the “Visit

  • Bosba: The first Khmer woman composer from UK’s Cambridge

    Bosba Panh is just 25 years old, but she’s already accomplished some impressive milestones for herself and the Kingdom. On July 24, she graduated with a Master’s degree from the University of Cambridge as the first Khmer woman composer and Khmer music graduate ever at

  • ‘Golden’ Angkor Wat likely due to natural phenomenon: ANA

    Pictures and video clips of the Angkor Wat temple, its spires seemingly coated in gold, have been shared tens of thousands of times on social media, prompting a sense of wonder among those who have seen them. Hong Sam Ath, who took the pictures and

  • Pailin longan winery tries to break through to the big time

    Longan aren’t quite as glamorous as some fruits. They don’t have the star-power of mangos or generate the excitement of a pricey seasonal niche fruit like the pungent durian. Unlike bananas or oranges, which are known and loved everywhere, longan remains a decidedly

  • Debt restructuring over, time to tackle rising NPL ratio

    The Cambodian banking system has just completed a 26-month debt restructuring exercise where scores of loan accounts were revised, classified and provisioned as the rate of non-performing loans inched up, sparking a slight credit risk unease Implemented in April 2020, the Covid-19 debt restructuring measures came

  • Koh Slaket studio resort brings culture with style

    Davitra (Cambodia) Co Ltd’s multi-million-dollar 13ha Koh Slaket studio-cum-resort just east of the capital was inaugurated in the first phase on August 6, providing national and international tourists with a new travel option and job opportunities for locals. The man-made cultural and scenic lakefront getaway