The Regional Comprehensive Economic Partnership or RCEP is one of the latest free trade agreements that came into effect early this year. The Ministry of Commerce is now promoting this privilege among exporters, particularly those shipping goods to Japan.

Exporters in Thailand now have access to the privileges provided under the Regional Comprehensive Economic Partnership (RCEP), a new trade deal in which Thailand is a member along with other ASEAN countries, plus five trade partners including Japan.

The Ministry of Commerce and the Japan External Trade Organization (JETRO) Bangkok office have joined hands to promote these benefits among Thai businesses, with a new workshop launched to explore opportunities for Micro, Small & Medium Enterprises (MSMEs).

Some 100 Thai and Japanese business owners operating in Thailand have joined this workshop, which highlights the regulations and rules related to the benefits, particularly on taxes.

Department of Trade Negotiations Director General Oramon Sapthaweetham said Thailand and Japan have been important economic partners, with Thailand continuously receiving the largest foreign investments from Japan.

There are around 6,000 Japanese companies that invest in Thailand, while the total value of Thai goods exported to Japan last year was recorded at 25 billion U.S. dollars, with at least 10% growth expected this year.

Around 90% of Thai exporters to Japan have been leveraging trade benefits provided by the existing trade deals, such as the Japan-Thailand Economic Partnership Agreement (JTEPA), the ASEAN-Japan Comprehensive Economic Partnership (AJCEP), and now the Regional Comprehensive Economic Partnership (RCEP) which came into effect from 1 January this year.

Thai exporters have already applied for the export benefits under RCEP for goods valued at 46.47 million U.S. dollars to Japan from January to May, covering canned tunas, canned mackerels, cardigans, vests, and fish products.