Thailand’s Ministry of Commerce on February 9 is expected to propose to the National Assembly for ratification of the Regional Comprehensive Economic Partnership (RCEP) – a free trade agreement by 15 countries in Asia-Thailand. Signed of Binh Duong in November 2020.
The RCEP will be in force if half of the RCEP member states (at least six ASEAN countries and four non-ASEAN countries) ratify the treaty.
Deputy Minister of Commerce Sansern Samalapa said the Commerce Department hopes RCEP will be Congress Thailand through. After the National Assembly ratifies the RCEP, Thailand will move to improve domestic legislation to be in line with the agreement.
Local media quoted Mr. Sansern on February 8, commenting that the RCEP Agreement is expected to go into effect this year and will support open, comprehensive and regulated trade and investment. The agreement will strengthen and maintain connections with regional production and supply chains.
According to the director of the Auramon Supthaweethum Trade Negotiations Department, Thailand needs to amend many domestic laws and regulations to comply with the treaty, especially copyright, customs, and rules related regulations. origin.
Ms. Auramon said that RCEP will help Thailand upgrade its domestic industrial sector, including food and agriculture, electrical equipment, plastics, auto parts, garments and motorbike.
Ms. Auramon said the expansion of the service trade is highly anticipated, especially in the construction sector, medical, animation, film and entertainment businesses, as well as retail.
The official warned the Thai private sector to prepare for a new agreement, specifically on three important issues: trade promotion, investment protection, and new intellectual property issues. intelligence, e-commerce and commercial competition for SMEs, as well as government procurement.
The RCEP Agreement has 20 chapters, covering articles on trade in goods, rules of origin, customs procedures, sanitary measures, ecommerce, small business, government procurement and dispute resolution.
In 2019, the population of the RCEP signatory countries is nearly 3.6 billion people, or more than 48% of the total world population. The total GDP of the RCEP members is worth more than 28,500 billion USD, accounting for nearly 33% of the gross domestic product (GDP) of the world. Trade among members reached 11,200 billion USD, accounting for more than 29% of world trade./.