ASEAN-ROK FTA to drive Thai economy

BANGKOK, 19 November 2009 (NNT) – The free trade agreement (FTA) between ASEAN and the Republic of Korea (ROK) is expected to drive the economic expansion of Thailand up by 0.2% after the FTA is fully effective from 1 January 2010 onwards.

According to the Department of Trade Negotiation (DTN) Director-General, Nuntawan Sakuntanaga, the ROK Parliament endorsed the trade agreement on 6 November 2009. The trade between both parties is expected to expand further. As for Thailand, the economic expansion is anticipated to increase by 0.2% while foreign investment is projected to expand by 0.8%.

Due to the ASEAN-ROK FTA, many important Thai exports will enjoy 0% import tax such as car tyres, electric appliances, acrylic threads, molasses, compressors, frozen fish, athletic shoes and plywoods. In addition, Thai business entrepreneurs can conduct businesses in ROK such as legal consultations, property, construction, entertainment and restaurants.

Thailand will also have opportunities to develop economic cooperation in more than 19 areas such as customs, small and medium enterprises, human resources management, tourism, science and technology, information and communication, environmental industry, energy as well as boat building and navy transportation. Ms Nuntawan said these industries could help reduce gaps among ASEAN countries.