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TRADE
Phusadee Arunmas
Thai businesses are being urged to make more use of Asean Free Trade Area (Afta) privileges, as the 10 country members prepare to introduce a flexible regime pertaining to rules of origin early next month.
According to Apiradi Tantraporn, the director-general of Foreign Trade Department, the revised regime on rules of origin under the pact would give more flexibility to producers to enjoy duty-free privileges, while Rules of Origin application forms have been simplified to make them compliant with the revised scheme.
Effective from Aug 1, manufacturers who use Asean content of less than 40% are eligible for tariff concessions under the Afta scheme. A previous requirement called for them to use content in the region of at least 40%.
According to the director-general, the main beneficiaries from the change would be makers of textiles and garments, steel and canned food.
Thailand has benefited considerably from export privileges under the Common Effective Preferential Tariff (CEPT) system of Afta which took effect in 2003.
Under the agreement, members are to cut import tariffs on most goods traded in the region to a maximum of 5%.
By Jan 1, 2010, import tariffs would be zero for all items traded by the original six members. Vietnam, Laos, Burma and Cambodia would join later.
Last year, Thai products exported under the CEPT concession were worth US$7.86 billion, making up 23% of the total exports to Asean.
The key export products were automotive and parts, motorcycle parts, air-conditioners, refrigerators, washing machines, food seasonings, tapioca, fresh corn, crude palm oil, and fresh fruits.
Asean is Thailand's key export market, with exports to the region last year generating $64.12 billion. The figure is forecast to increase to $70 billion at the year-end.
Asean comprises Brunei, Burma, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
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