RCEP agreement bolsters trade relations between China, Thailand

(MENAFN) Thailand's renowned coconut, cherished for its delectable and sweet flavor, has garnered notable acclaim within the Chinese market. Over recent years, it has witnessed widespread utilization across various culinary offerings in China, ranging from cakes and coffee to hot pot, notably following the implementation of the Regional Comprehensive Economic Partnership (RCEP) agreement.

Since its enactment on January 1, 2022, the RCEP, encompassing 15 Asia-Pacific nations, including 10 ASEAN members and five key trading allies such as China, Japan, South Korea, Australia, and New Zealand, has yielded substantial benefits for numerous sectors in Thailand, spanning agriculture, textiles, and automotive industries. Notably, tariff reductions facilitated by the agreement have catalyzed trade and investment growth among RCEP member states. In 2022 alone, Thailand's trade with fellow RCEP members surged by 7.11 percent year-on-year, amounting to USD300 billion.

Moreover, the RCEP has fostered enhanced trade collaboration between China and Thailand. As highlighted by Han Zhiqiang, Chinese Ambassador to Thailand, bilateral trade between the two nations during the initial ten months of 2023 surged to USD105.1 billion. China has consistently remained Thailand's largest trading partner for the past 11 years, also emerging as its primary agricultural export destination. Notably, tropical fruits, particularly Thai durian, have emerged as coveted commodities in the Chinese market, with tropical fruit exports alone reaching USD5.8 billion, constituting 90 percent of Thailand's fruit exports.

"As a fruit importer, the RCEP agreement brings real benefits to me. The growing popularity of Thai coconuts in China is also bringing me new opportunities," Mo Jiaming, a fruit trader based in Nanning, the capital of Guangxi Zhuang Autonomous Region in southern China, expressed.

Due to the Belt and Road Initiative (BRI) and the Regional Comprehensive Economic Partnership (RCEP), a wider array of trade and transportation methods have been embraced, facilitating the entry of a greater variety of Thai goods into the Chinese market at competitive prices.



Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.