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

  • Omicron patients can stay home: PM

    The Ministry of Health has issued a directive on the treatment of people who have tested positive for the highly transmissible Omicron coronavirus variant, following a suggestion from Prime Minister Hun Sen on the night of January 21. The directive permits home quarantine for those who

  • Cambodia’s first ever anime festival kicks off Jan 22 at capital’s F3 centre

    Phnom Penh's first ever Anime Festival will bring together fans, artists, shops and other local businesses with ties to the Japanese animation style for cosplay competitions, online games, pop-up shops and more on January 22, with Friends Futures Factory (F3) hosting. F3 is a project that

  • Mr Pancake or M Crepe? Tasty by any title

    Crowds of people gather around a lone man with a mobile food cart every day at around 2pm in front of the Institut Francais du Cambodge to order what many say are the best crepes in Phnom Penh. To some – even to the man making

  • Fourth dose Covid booster drive jabs 43K in two days

    In the first two days of the fourth-dose Covid-19 vaccination campaign, more than 43,000 people volunteered to get the jabs, while over 4.6 million people have received a third shot. Health ministry spokeswoman Or Vandine said that fourth-dose vaccinations, which began on January 14 exclusively with the Pfizer

  • Phnom Penh condo market loses steam

    Just four new condominiums were launched for sale last year in the capital, down from 17 in 2020, according to research by CBRE Cambodia. The four developments comprised “more than 1,000” units, while the 17 in 2020 consisted of 10,866, the real estate firm reported. CBRE Cambodia categorises condos as “high-range”, “

  • Singapore backs Cambodia's efforts on Myanmar

    Singaporean Prime Minister Lee Hsien Loong supports Cambodia in its efforts to seek a solution to the ongoing Myanmar crisis as the chair of ASEAN. Lee expressed his support during a meeting with Prime Minister Hun Sen via videoconference on January 14, with the talks focused