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Agreement set to come into force in January

Thailand ratifies Regional Comprehensive Economic Partnership

On October 28, Thailand ratified the Regional Comprehensive Economic Partnership (RCEP), Commerce Minister Jurin Laksanawisit has announced on November 1. The pact should come into force by January, removing export tariffs on 39,366 items and expand the market for many Thai products such as fresh and processed fruit.

According to Jurin, Singapore, Brunei, Laos, Cambodia and Vietnam, along with non-ASEAN countries China and Japan have ratified the pact. If one more non-ASEAN country sanctions the pact, all conditions will have been met, he said.

Terms stipulate that RCEP must be ratified by at least six of 10 ASEAN members and three out of five non-ASEAN signatories. The RCEP is a free-trade agreement among 15 Asia-Pacific countries, namely Australia, Brunei, Cambodia, China, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam.


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