Describes trade agreements this country is a party to. Includes resources where U.S. companies can get information on how to take advantage of these agreements.
Thailand has implemented bilateral trade agreements with various countries, including Australia, New Zealand, Japan, Peru, and India. Negotiations between Thailand and the European Union began but are currently suspended. Thailand is also a member of ASEAN, which was established in 1967. ASEAN is currently comprised of 10 members, including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
At the end of 2015, Thailand and Cambodia jointly established the “Joint Thailand-Cambodia Committee on Trade” in order to explore and expand trade and investment, especially border trade between the two countries.
ASEAN implemented a number of FTAs with its trading partners, including ASEAN-Australia and New Zealand, ASEAN-Japan, ASEAN-China, ASEAN-Japan, and ASEAN-India. The latest and the largest FTA, the Regional Comprehensive Economic Partnership (“RCEP”), is now being negotiated between the 10 ASEAN members and its six trading partners, namely, Australia, China, India, Korea, Japan, and New Zealand, with a view to expanding the economic cooperation region among these countries. Customs duties on goods to be imported from and exported to the parties of these bilateral and multilateral agreements are reduced or eliminated in accordance with the agreed terms.
In addition, ASEAN also looks to upgrade its FTAs with China, Japan, and South Korea, which includes further reduction of tariffs and increased goods, services, investment, and customs procedures. Furthermore, the FTA between India and ASEAN has also come into force to increase more investment opportunities. Another FT has been discussed between ASEAN and the EU, which agreed on a plan of cooperation in trade and investment for 2015-2016.
In addition, Thailand is interested in joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Thailand has formed a committee to study the impact of such a trade pact.