Thailand-Peru FTA Soon

24 September 2009

On Tuesday Cabinet approved the signing of the bilateral Thailand-Peru FTA aimed at liberalizing trade between the two countries. Thai and Peru leaders are expected to sign the FTA at the Asia-Pacific Economic Cooperation summit to be held in Singapore this November. The FTA will come into force early next year.

A newspaper source reports that the two countries agree on all issues of the FTA, including the harmonized system and rule of origin. There will also be an exchange system on aqua products and industrial goods to reduce the possibility of dissension concerning rules of origin according to Nuntawan Sakuntanaga, director-general of the Trade Negotiations Department.

The FTA is expected to increase trade between both countries once it takes effect. It will reduce import duties of up to 70 percent of products traded, valued at 80 million USD or 2.68 billion baht.

Peruvian products Thailand will center on are electrical appliances, plastic products, rubber, automobile parts, pick-up trucks, and home appliances such as washing machines. On the other hand, Thai products Peru will focus on are shrimp, fish oil and pesticides.

Through the FTA, Peru will be the gateway for Thailand’s penetrating Latin America stated Nuntawan. Similarly, Peru sees Thailand as a gateway for Peru’s presence in Southeast Asia.

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