Thailand’s trade with other Regional Comprehensive Economic Partnership (RCEP) member states climbed 7.11% year on year in 2022, reaching $300 billion USD.
Thailand’s exports to RCEP member nations were 140 billion dollars last year, while imports from RCEP member countries totaled 160 billion dollars, according to the Ministry of Commerce.
Since the pact’s coming into force in January 2022, the collaboration has led in significant benefits for Thai business with other RCEP nations, according to Deputy Commerce Minister Sinit Lertkrai. According to him, the deal not only lowers or eliminates tariffs for Thai enterprises, but it also simplifies customs clearance procedures, which is especially favorable for the trade of perishable goods.
He stated that the agreement gave Thai firms greater alternatives for shipping goods to and from RCEP countries.
The Association of Southeast Asian Nations (ASEAN) and economic partners China, Japan, South Korea, Australia, and New Zealand are all part of the RCEP.