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Thailand Business Law for Importers and Exporters - New FTAs and Regulations
- By Gregory Smyth
- Published 07/21/2009
- National, State, Local
- Unrated
Thailand is a small, and relatively less developed country than many, yet has much to offer in the way of natural resources and trading goods. The current economic climate has encouraged several countries to review how they deal with Thai business law, including importing and exporting regulations, in order to benefit both parties.
South Korea and India are looking to open their borders in the near future to ASEAN countries, including Thailand. Thai law consulting firms look at how the new ASEAN agreements will affect importers and exporters, as well as examining the historical benefits of other major free trade agreements (FTAs).
South Korea is the most recent country to complete an ASEAN free trade agreement. There are several industries that are set to benefit from this change to South Korean and Thailand law, including the food, paper and medical tourism industries. Thailand business lawyers expect that a lifting of restrictions on medical tourism to Thailand should increase the South Korean patient base in Thailand to around 10,000 per year.
Office paper producers, as well as shrimp and seafood exporters, will also be allowed to increase trade with South Korea. Law firms in Thailand have seen estimates of increases up to $150 billion dollars in two way trade between South Korea and all ASEAN countries, with the new contract.
In August this year, the ASEAN economic ministerial meeting will be held in Thailand. India is expected to sign a free trade agreement, which
will liberalize 95% of goods traded between the two countries. Check with your Thai law consulting firm as to whether the India-ASEAN agreement will affect your business. Some economic experts foresee an increase of up to $10 billion US dollars in the coming 3 to 5 years.
The beginning of the India-ASEAN FTA is scheduled for January, however may be delayed in concerns over one of the key tariff reduction document that are expected do arise. The agreement's implementation is hotly anticipated - 75% of the tariffs on agricultural and industrial products will be reduced to zero as soon as 2012, and 10% of taxes on other items will be wiped off by 2015. Tariff reductions on other items will remain negotiable, and can be detailed for your business by your Thai corporate legal service.
The Thailand-Australian free trade agreement is not a new one - it is due to come to full fruition in the next six months, by the start of January 2010. High tariff barriers have been reduced in Thailand (with some goods having a reduction of up to 200% in tariff barriers), and in exchange, Australia has reduced all tariff barriers on Thai merchandise, with some notable exceptions under Thai law. Your Thailand business lawyer can help identify the remaining tariffs that may affect your business - some include textiles and clothing imports.
Thailand's free trade agreement with Japan has also been assisting the economic outlook in both countries for two years now, with further reductions set to occur until 2017. Up to 97% of Japanese exports to Thailand, and 92% of Thai exports to Japan will be come tariff free within the allotted time.
South Korea and India are looking to open their borders in the near future to ASEAN countries, including Thailand. Thai law consulting firms look at how the new ASEAN agreements will affect importers and exporters, as well as examining the historical benefits of other major free trade agreements (FTAs).
South Korea is the most recent country to complete an ASEAN free trade agreement. There are several industries that are set to benefit from this change to South Korean and Thailand law, including the food, paper and medical tourism industries. Thailand business lawyers expect that a lifting of restrictions on medical tourism to Thailand should increase the South Korean patient base in Thailand to around 10,000 per year.
Office paper producers, as well as shrimp and seafood exporters, will also be allowed to increase trade with South Korea. Law firms in Thailand have seen estimates of increases up to $150 billion dollars in two way trade between South Korea and all ASEAN countries, with the new contract.
In August this year, the ASEAN economic ministerial meeting will be held in Thailand. India is expected to sign a free trade agreement, which
The beginning of the India-ASEAN FTA is scheduled for January, however may be delayed in concerns over one of the key tariff reduction document that are expected do arise. The agreement's implementation is hotly anticipated - 75% of the tariffs on agricultural and industrial products will be reduced to zero as soon as 2012, and 10% of taxes on other items will be wiped off by 2015. Tariff reductions on other items will remain negotiable, and can be detailed for your business by your Thai corporate legal service.
The Thailand-Australian free trade agreement is not a new one - it is due to come to full fruition in the next six months, by the start of January 2010. High tariff barriers have been reduced in Thailand (with some goods having a reduction of up to 200% in tariff barriers), and in exchange, Australia has reduced all tariff barriers on Thai merchandise, with some notable exceptions under Thai law. Your Thailand business lawyer can help identify the remaining tariffs that may affect your business - some include textiles and clothing imports.
Thailand's free trade agreement with Japan has also been assisting the economic outlook in both countries for two years now, with further reductions set to occur until 2017. Up to 97% of Japanese exports to Thailand, and 92% of Thai exports to Japan will be come tariff free within the allotted time.
Gregory Smyth
BSA Law has focused on providing reliable thai Law consulting and services to the business community in Thailand for nearly 30 years.Click to find out more about Law firm in Thailand.
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