Bangkok--29 Mar--Integrated Communication
Ministry of Commerce is geared up and ready for ASEAN Economic Community Commerce Attaches of nine ASEAN member countries invited to provide insight into emerging trade and investment opportunities
The Ministry of Commerce has announced its readiness to join the newly established ASEAN Economic Community (AEC). To achieve this goal, the Ministry has in the pipeline a series of strategic plans to fully equip Thai entrepreneurs with the knowledge and skills needed to remain competitive when the market becomes fully liberated in 2015. Commerce attaches to Thailand from nine other ASEAN member countries have also been invited to foster even stronger regional collaboration, as well as, to provide advice on emerging business opportunities in trade, investment and tourism. The ultimate aims of the AEC are to increase the negotiating power of the region, as well as, to maximize trade and investment opportunities for business operators.
Asst.Prof.Veerasak Jinarat Ph.D. ,Vice Minister for Commerce, revealed that, “The ASEAN Free Trade Agreement (AFTA) has eliminated trade barriers between member countries and has made ASEAN emerge as the most important export market for Thailand, taking over the position previously held by two of the world’s economic superpowers such as the United States and China. In 2009, the combined value of trade between Thailand and the other nine ASEAN countries was 57,000 Million US dollars, with 32,500 Million US Dollars being the export to ASEAN and 24,500 Million US Dollars being the import from ASEAN. The trade surplus enjoyed by Thailand here is 8,000 Million US Dollars.”
Presently, the Association of Southeast Asian Nations or ASEAN comprises 10 member countries — all of which are bound to co-establish the ASEAN Economic Community (AEC) as one unified market that will enjoy a significantly increased number of domestic population and improved production bases within the region. The establishment of AEC is a significant step forward in order to prepare business operators throughout the region for full-scale trade liberalization scheduled to take place in 2015. Key benefits of the AEC include tax reductions on the trade of key merchandise between member countries, as well as, free flow of goods, services, capital and skilled labour. The formation of AEC represents a new dimension of progressive free trade, as it lays a solid foundation for clear, precise and supportive regulations that will attract and encourage a substantial flow of investment into the region.
“All ASEAN member countries will benefit from being a part of AEC on several fronts. From now on trading between member countries will be noticeably easier due to fewer trade barriers. Negotiation power of the region will significantly increase. The net income of the ASEAN population is also expected to rise by 5.3%, or about 69,000 Million U.S. Dollars, which is 6 times higher than what was earlier predicted in the AFTA.
More importantly, AEC will pave the way for a very large number of capable Thai business operators to penetrate into this new market with a huge growth potential.”, stated Asst. Prof. Veerasak.
Dr. Veerasak further noted that, “The Ministry of Commerce perceives the consequential trade opportunities after the AEC is fully operational. That is why we have established an ‘ASEAN First Policy’ to foster regional partnerships and open up new trade and investment opportunities; while at the same time, efforts are being made intensively and continuously to equip Thai entrepreneurs with the knowledge and skills they need to cope efficiently with the increased competition.”
To start with, the International Trade Day: Trade, Investment and Tourism Cooperation towards AEC has been arranged.
In this event, commerce attaches to Thailand of nine other ASEAN member countries — namely, Brunei, Myanmar, Cambodia, the Philippines, Indonesia, Singapore, Laos, Vietnam and Malaysia — will talk about the emerging new prospects of trade, investment and tourism in all ASEAN countries. In addition, Thai entrepreneurs who participate in this event will also benefit from dependable consultation services in regards to the regulations of conducting business under the AEC framework. This knowledge can be immensely beneficial for business operators in formulating effective business plans to prepare themselves for the unprecedented level of opportunities in trade, investment and tourism in Southeast Asia.
For more information, please contact:
Usanee Thavornkarn
Integrated Communication Co., Ltd.
Tel. 0 2354 3588 Fax. 0 2354 3589
Email:
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