RCEP ratification by South Korea opens opportunities for Thai exporters
The Foreign Trade Department has made preparations to help Thai exporters enjoy tax privileges for exporting to South Korea after its RCEP membership takes effect on Tuesday.
Pitak Udomwichaiwat, director-general of the department, said that South Korea has ratified the Regional Comprehensive Economic Partnership (RCEP) agreement with effect from February 1.
The move will allow Thai exporters to enjoy the benefits of a free-trade agreement when they export to South Korea, Pitak said.
He said the department has expanded its system for certifying the country of origin of Thai goods for export to South Korea. They include verifying the country of origin, issuing an RCEP Form of the country of origin, and a system for licensed exporters to register and issue self-certifications.
The expanded system would allow Thai exporters to enjoy RCEP tax benefits immediately when they export to South Korea, Pitak said.
Apart from South Korea, the RCEP agreement has taken effect for 10 countries, which are: Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam, Australia, China, Japan, and New Zealand.
Indonesia, the Philippines, and Myanmar have yet to ratify for the agreement to take full effect.
