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Thailand Trade Agreements

Learn how Thomson Reuters solutions can simplify your overall business management process. [ii] www.doingbusiness.org/data/exploreeconomies/thailand/ [1] Some trade and investment agreements include this mechanism, under which not all liberalisation measures decided by a Member State can be replaced by new, more restrictive measures. In addition to these examples, there is a specific FTA term called the “Ratchet Mechanism”[1] or “Unilateral liberalisation of new services automatically engages within the framework of this specific agreement.” This mechanism, if included in the free trade clause, is only one way to prevent, particularly for trade in services and investment parties, from modifying or improving national legislation, directives or regulations and not being replaced by more restrictive amendments than previous conditions. For example, this mechanism was designed to ensure that national measures are increasingly beneficial at the regional level, with Thailand being a member of ASEAN and therefore part of the bloc`s free trade agreements with China, Korea, India, Australia and New Zealand and the EU. He is also a member of BIMSTEC and was at least the protagonist under Thaksin, who worked for greater integration of trade and investment in the Mekong region under ACMECS, a framework for cooperation between Burma, Cambodia, Laos, Thailand and Vietnam. In the International Trade and Investment Rankings, Thailand ranks 49th (out of 189 economies) in the World Bank`s Ease of Doing Business Chart 2016. According to the ranking, and compared to the previous year, almost all difficulties have increased, including Thailand`s trade on cross-border groups (55 last year and 56 this year). For example, in the past, supply chains have identified barriers that generally lead to trade facilitation for physical infrastructure, as well as administrative barriers and delays in Thailand`s customs and export processes. This delay was most widespread with respect to the transfer of the standard load from the factory door into the port, and then the additional process with administrative and port requirements until the cargo was loaded onto a ship. [ii] Thailand continues to address concerns affecting trade facilitation and is constantly looking for ways to improve product transfer processes in and out of the country. The Kingdom of Thailand is classified as a middle-income country in Southeast Asia. The country ranked 57th out of 132 countries in the World Economic Forum (WEF) Enabling Trade Index (2012), which measures institutions, policies and services to facilitate trade in countries.

Despite the financial crisis, natural disasters and political turmoil, the country has maintained a robust and open economy, particularly as a member of the Association of Southeast Asian Nations (ASEAN). The effectiveness of import and export procedures and the country`s attractiveness to foreign investors are a competitive advantage, as the country continues to impose high import duties and limited market entry. The country`s national strategy aims to strengthen competitiveness in international markets by increasing productivity and preparing for regional economic integration (WEF 2012). According to the Ministry of Commerce, China (including Hong Kong) is by far Thailand`s largest trading partner, with a total trading value of $79 billion in 2015, with a trade value of $79 billion, followed by Japan with $51 billion and the United States with $38 billion. The other trading partners in the top ten are all Thailand`s neighbors in ASEAN and Asia-Pacific: Malaysia, Singapore, Indonesia, Australia and Vietnam. [i] Thailand`s average MFN tariff, applied in 2011, was 9.8%. While the average tariff on agricultural products is higher than that applied to non-agricultural products, high average tariffs have been applied for beverages and tobacco, clothing and fruits, vegetables and plants.