The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement between Southeast Asian nations and their trading partners, namely China, South Korea, Australia, and New Zealand. Since the RCEP’s entry into force in January 2022, Thailand’s trade with other RCEP member economies has increased 7.11%, accounting for US$300 billion. In that number, Thailand’s exports to RCEP member countries totaled US$140 billion. Thailand exported mostly to Indonesia, Cambodia, Singapore, South Korea, and Australia, while most of the imports from RCEP countries were from Brunei Darussalam, Australia, and Myanmar.
The agreement not only reduces or eliminates tariffs for Thai businesses, but also streamlines customs clearance procedures, which is especially beneficial for the trade of perishable products. The pact also provides more options for Thai businesses moving goods to and from RCEP members. (PRD)