FTAs benefit Thailand's auto and parts exports

BANGKOK, May 7 (TNA) - The Ministry of Commerce reports that free trade agreements (FTAs) Thailand has had with trading partners have particularly benefited the country's exports of automobiles and parts. Auramon Supthaweethum, Director-General of the ministry's Department of Trade Negotiations, told journalists that Thailand's FTA with Australia, New Zealand and other member countries of the Association of Southeast Asian Nations (ASEAN) have mostly benefited the country's exports of automobiles and parts. Auramon acknowledged that Australia was Thailand's largest market of auto exports last year, followed by neighboring countries in the ASEAN Economic Community (AEC) and New Zealand, while the AEC was the Thai Kingdom's largest market of auto parts exports in 2018. According to the senior official, Thailand's exports of automobiles to Australia and the AEC, for instance, reached over 5.84 billion US dollars and 5.39 billion US dollars respectively in 2018, while the Thai Kingdom's exports of auto parts to the AEC stood at about 6.02 billion US dollars last year. Besides, taking the role as the ASEAN Chairmanship this year, Thailand has successfully concluded the Mutual Recognition Arrangement (MRA) on exports of automobiles and parts with other ASEAN member countries to facilitate the intra-regional trade of the products in terms of shorter time consuming in releasing the products from ports. "Under the MRA on automobiles and parts that Thailand will sign with other ASEAN member countries at this year's ASEAN Summit and related forums in September, importing countries of auto and parts accept quality inspection systems and standards of exporting countries, resulting in reduced times for inspections and other relevant procedures at the importing nations' ports", said the senior Thai official. (TNA)