The virtual 10th RCEP Intersessional Ministerial Meeting in June 23 (Photo: VNA)Hanoi (VNA) – The Thai Ministry of Commerce will pushthe country’s Cabinet in October to consider signing the Regional ComprehensiveEconomic Partnership (RCEP) agreement.
Thai media quoted Director General of theministry’s Department of Trade Negotiations Auramon Supthaweethum as sayingthat the vetting of all 20 chapters of the accord has been completed and thatit can be signed during the ASEAN Summit in Vietnam in November.
After the signing, Thailand will have toundertake a parliamentary process to ratify the deal, which is expected to comeinto force by mid-2021.
The official noted that her department iseducating Thai farmers and business owners on how they can benefit from theagreement.
The Commerce Ministry is also studying plans toset up a fund to compensate parties affected by Thailand’s free tradeagreements (FTAs) with foreign countries or free-trade blocs.
The RCEP covers 16 countries – the 10 members ofASEAN plus the six countries that the grouping has FTAs with, namely Australia,China, India, Japan, the Republic of Korea and New Zealand.
However, India has shown that it has yet to beready to sign the RCEP deal.
Last year, Thailand exported agricultural productsworth 25.2 billion USD to the 16 RCEP countries, or 62.2 percent of its totaloverseas shipments of agricultural products.
In the first five months of 2020, exports inthis category to RCEP nations were worth 10.8 billion USD, increasing 2.4percent year on year./.
VNA
