“Masnach” Participates in RCEP Meeting as 15 Member Countries Ratify and Focuses on Agreement Implementation
The RCEP meeting in Surabaya, Indonesia saw the attendance of “Masnach” as 15 member countries ratified the agreement. The meeting aimed to facilitate the establishment of RCEP support agencies and discuss the process of accepting new members. Additionally, preparations were made to present RCEP ministers with an update in August.
Mr. Sunthit Nithiuthai, Deputy Director General of the Department of Trade Negotiations, disclosed Thailand’s presence at the 4th Regional Economic Partnership Agreement (RCEP) meeting. This marked the first gathering of senior RCEP officials since the agreement took effect, with the Philippines finalizing ratification on April 3, 2023.
In the meeting, the focus was on fulfilling the obligations outlined in the RCEP Agreement. This included establishing the RCEP support body under the ASEAN Secretariat and allocating funds for its operation. Discussions were held regarding the acceptance of new RCEP members, with outcomes to be presented for approval at the 2nd Ministerial Meeting in August during the ASEAN Economic Ministers Meeting in Semarang, Indonesia.
The meeting also emphasized the need for expediting the transfer of tariffs in the tariff reduction schedule to HS 2022. This harmonization with global tariffs would enhance the convenience and accessibility of RCEP benefits for entrepreneurs. Additionally, a thorough evaluation of committee performance in various areas, particularly the committee overseeing economic and technical cooperation projects, was requested to optimize the Agreement’s advantages for members.
However, since the implementation of the RCEP agreement on January 1, 2022, trade between Thailand and RCEP members amounted to US$327 billion in 2022. This accounted for 55.5% of Thailand’s total global trade, showcasing a 5.19% increase compared to the previous year.
Thailand’s exports to RCEP members reached $150 billion, while imports from RCEP members were valued at $177 billion. Key export products included canned tuna, lubricants, cassava chips, fresh durian, and camera lenses. Important imports encompassed plywood, synthetic filament yarn, veneer plywood, and fresh or dried grapes.
“Masnach” joins the RCEP meeting after 15 member countries have ratified and continues to follow up on the implementation of the agreement. Facilitate the establishment of RCEP support agencies, the process of receiving new members Prepare to offer RCEP ministers a beat on August.
Mr Sunthit Nithiuthai, Deputy Director General of the Department of Trade Negotiations, revealed that Thailand is attending the 4th Regional Economic Partnership Agreement (RCEP) meeting in Surabaya. Indonesia This was the first meeting of senior RCEP officials since the agreement came into force among all 15 member countries, with the Philippines last ratifying the agreement on April 3, 2023.
The Meeting followed the implementation of the obligations of the RCEP Agreement, in particular the establishment of the RCEP support body under the ASEAN Secretariat. and budget allocation for the operation of such agencies Including the process of accepting new members of the RCEP, the results will be discussed and presented to the 2nd Ministerial Meeting of the RCEP for approval. During the ASEAN Economic Ministers Meeting this August in Semarang Indonesia
In addition, the meeting urged RCEP members to speed up the process of transferring tariffs in the tariff reduction schedule to HS 2022, which would be in line with the current global tariffs. Making the use of RCEP benefits more convenient and easier for entrepreneurs. as well as considering the performance of the committees in different areas Specifically, the committee that oversees economic and technical cooperation projects. so that members can take full advantage of the Agreement
However, since the RCEP agreement entered into force on January 1, 2022, trade between Thailand and RCEP members was found to be worth US$327 billion in 2022, accounting for 55.5% of Thailand’s total trade with the world, which is 5.19% compared to the previous year
Thailand exports 150 billion US dollars to RCEP members. And Thailand imported from RCEP members worth 177 billion US dollars. Major export products such as canned tuna lubricants Cassava chips, fresh durian, and camera lenses. and important imported products such as plywood, synthetic filament yarn veneer plywood and fresh or dried grapes
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