Trade
Thai exports amounted $18bln (Q1) under FTA and GSP benefits
Those included 16.7 billion dollars in benefits from 12 FTA agreements. The highest values of exported goods were of pickup trucks, rubber products, sugar made of sugarcane and oil.
Bangkok, (NNT) – The Ministry of Commerce pushed for exporters to use the existing FTA and GSP benefits in the first quarter of this year, which have amounted to 18 billion dollars and accounted for a 2.38% increase from the same period last year.
Those included 16.7 billion dollars in benefits from 12 FTA agreements. The mostly-used FTA benefits were the Thailand-Chile FTA, followed by the Thailand-Peru FTA, the Thailand-Japan FTA, the ASEAN-China FTA and the ASEAN-South Korea FTA respectively.
The highest values of exported goods were of pickup trucks, rubber products, sugar made of sugarcane and oil. Five GSP systems have been mostly used, including those of the United States, Switzerland, Russia, Norway and Japan, amounting to 1.29 billion dollars in the first quarter. Ninety-two percent of all GSP systems was provided by the U.S.
Foreign Trade Department Director General Adul Chotinisakorn said this year’s exports under FTA and GSP systems have been targeted by more than 80 billion dollars, accounting for a 9% increase from last year.
The forecast increase will partly result from the 13th ASEAN-Hong Kong FTA agreement, which is effective on June 1. National News Bureau Of Thailand
Trade
Thailand among leading beneficiaries of the U.S.-China trade war
The trade battle has “increased the importance of Thailand” as a base for manufacturing Japanese goods such as auto parts and electronics to be exported to America
Thailand has been a “leading beneficiary” from the ongoing trade fight between Washington and Beijing, according to Standard Chartered’s Clive McDonnell.
(more…)India
RCEP trade deal hits snag over India’s demand
The 16 Asian and Oceanian countries involved in the regionwide RCEP trade deal have decided to delay the conclusion of that deal until next year.
RCEP negotiations hit a snag as India has grown wary of an expected influx of goods from China, with which the South Asian country runs a massive trade deficit.
(more…)Asean
Thailand to renegotiate GSP with US delegation at ASEAN Summit
The United States recently announced the cancellation of Generalized System of Preferences benefits, which used to allow 573 items exported from Thailand to the US to be exempt of import duties.
Apart from resolutions to be made by ASEAN leaders at the ASEAN Summit in November, the Thai government will seek this opportunity to hold a talk with the U.S. regarding the decision to revoke the Generalized System of Preferences (GSP) treatment previously given to 573 Thai products.
(more…)
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