WORLD Thailand's trade with RCEP countries up 7.11 pct in 2022


Thailand's trade with RCEP countries up 7.11 pct in 2022


17:46, January 17, 2023

BANGKOK, Jan. 17 (Xinhua) -- Thailand's trade with other Regional Comprehensive Economic Partnership (RCEP) member countries rose 7.11 percent year on year to 300 billion U.S. dollars in 2022, official data showed Tuesday.

Since the RCEP's entry into force in January 2022, the pact has yielded positive results for Thailand's trade with other RCEP countries, said Sinit Lertkrai, deputy minister of Commerce of Thailand.

A breakdown of the data showed Thailand's exports to RCEP member countries amounted to 140 billion dollars last year while its imports from RCEP member countries totaled 160 billion dollars, according to the commerce ministry.

Sinit said the pact has not only provided additional tariff reduction or elimination for Thai businesses but also offered trade facilitation measures to speed up the customs clearance procedures, which is especially beneficial for the trade of perishable products.

It has also provided more options for Thai businesses in exporting goods to and importing goods from RCEP member countries, he said.

The RCEP comprises 10 members of the Association of Southeast Asian Nations (ASEAN), Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.

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