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RCEP, the world’s biggest trade agreement, became effective in Thailand

ConsumerGeniuses

ConsumerGeniuses

The Asian Regional Trade Pact or Regional Comprehensive Economic Partnership RCEP came to power on 1 January 2022 in Thailand. The RCEP is the world’s biggest trade pact signed by all ASEAN countries, including Thailand, Singapore, Myanmar, Indonesia, Malaysia, Laos, Vietnam, Brunei, Philippines, and Cambodia. Japan, South Korea, Australia, New Zealand, and China are also a part of this agreement. The new provincial exchange alliance will eliminate duties on 91% of traded merchandise in the region, support integrated market and online business. Thailand’s Commerce Ministry claims that the launch of RCEP would enable the trade of 29,891 products with zero tariffs, while Japan and South Korea will also reduce taxes on multiple food items. Along with reducing taxes, RCEP will allow organizations to source raw materials and encourage foreign countries to invest in Thailand for sustainable and technological developments.

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