BANGKOK: Under the FTA signed in October 2013, a total of 7,855 items will have import tariffs waived for 92.48%, effective yesterday.
Free trade agreement signed between Thailand and Chile in October 2013 took effect yesterday with tariff of more than 90% items of products traded between the two countries now cut to zero.
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According to Commerce Minister Apiradi Tantraporn, products from Thailand that will benefit from the free trade agreement include automobiles, rubber, canned seafood, cement, plastic pellets, gems and jewellery.
She said under the FTA signed in October 2013, a total of 7,855 items will have import tariffs waived for 92.48%, effective yesterday.
For the remainder, Thailand and Chile agreed to a gradual cut in the tariff to zero in 2020 and products on sensitive list within eight years from now.
As the Bangkok Post reported, immediate cut to zero export tariff include automobiles, auto parts, canned seafood, construction materials, plastic pellets, polymers, electrical appliances, rubber and rubber products.
Thailand will also benefit from imported raw materials such as copper and ore.The agreement also allows for the service sector such as Thai massage service, sports service and recreational activities such as Thai boxing, the minister said.
Chile is the country’s third-largest South American trade partner after Brazil and Argentina, she said, and added that two-way trade in 2014 amounted to US$960 million.
Thailand was also speeding up FTA talks with Pakistan and Turkey with conclusion expected within one year with Pakistan, and one and a half years with Turkey, Mrs Apiradi added.
