Deputy Director-General Duangarthit Nidhi-u-tai of the Department of Trade Negotiations, under the auspices of the Commerce Ministry, has indicated enhanced cross-border trade opportunities, fruitfully impacting industries, particularly those oriented toward agriculture. He cited the removal of trade barriers as a significant contributor.
According to Duangarthit, the revamping of the agreements is foreseen to boost innovations from all associated parties, solidifying economic growth for not only the region but its associates as well.
The pivotal meeting occurred over July 14-15, where negotiators and representatives of the ASEAN nations dissected each FTA, resulting in several amendments.
Duangarthit highlighted the 39th meeting of the ASEAN Korea Free Trade Agreement (AKFTA), stating noteworthy advancements in the tax reduction tables from the years of 2017 to 2022. Such progress, approved by nine of the ASEAN states, would undoubtedly catalyze and make ASEAN-Korea trade even more transparent.
Additional advancements within AKFTA were identified, which included the ongoing dialogues to bring richer updates and stringent regulations, together with keeping a keen eye on the digital trade industry, predicted to play an influential role in future international commerce.
Fortifying their economic commitment towards ASEAN, South Korea showcased its resolve through initiatives such as the ASEAN-South Korea startup strategic plan, industry standards collaboration networks, and numerous joint projects emphasizing electrical safety.
In Duangarthit’s words, these undertakings represent a superb opportunity for ASEAN member nations to learn from South Korea’s finely honed ability to fuel innovation across various sectors and within entrepreneurship.
During the summit, multiple facets of the 44th ASEAN – China Free Trade Agreement (ACFTA) were probed, with particular focus on the exports of agriculture and industry.
In a determined effort to align with the agreement’s timeline for 2024, the summit agreed on initiatives to educate ASEAN people regarding new economic trends such as the green economy, digital economy and supply chain connectivity.
Simultaneously, negotiations began for expanding economic cooperation via the ACFTA. Topics covered ranged from trade and investment regulations to the scope of the e-commerce project, potentially gaining approval later this month.
The ASEAN – Japan FTA also saw discussions, where a collective push was made to conclude the “Future Design and Action Plan for the Innovation and Sustainability of ASEAN-Japan Economic Cooperation” (2023-2033).
Prominent in the discussions was the ASEAN-Japan circular economy initiative, supply chain digitalisation, collaborations in tackling societal challenges along with firms, and networking between young business leaders from ASEAN and Japan.
Duangarthit revealed that the outcomes would be showcased at the ASEAN-Japan Economic Ministers Meeting (taking place on August 22 in Semarang, Indonesia) prior to being presented at December’s ASEAN-Japan Summit. This prestigious summit will coincide with the 50th anniversary of ASEAN-Japan diplomatic relations.
At the same time, the 11th ASEAN Hong Kong FTA concluded with 557 Product Specific Rules (PSRs). Crucial for exportindustries, the PSRs will simplify compliance with criteria, leading to maximised trade benefits.
Further enhancements within the AHKFTA comprise a pact for economic and academic knowledge exchange in several areas. Highlights involve a temperature-controlled transportation system for fisheries, involving training for ASEAN officials in cold chain logistics, mitigating spoilage mechanisms while enhancing fishery product quality and shelf life.
Duangarthit ended his statement by informing that Thailand already held a workshop on the topic, receiving a 3.29 million baht budget for similar programmes in the current year.
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