FTAs boost Thai exports of cosmetic products

BANGKOK, July 8 (TNA) - The Ministry of Commerce reports that free trade agreements (FTAs) Thailand has concluded with over a dozen of trading partners have considerably boosted the country's exports of cosmetic products since 1992. Auramon Supthaweethum, Director General of the ministry's Department of Trade Negotiations, told journalists on July 7 that during the first five months of 2019 alone, Thailand's exports of cosmetic products stood as high as about 1.47 billion US dollars, a 15.85 per cent year-on-year increase, even though the country's total export during the same period dropped by 3.1 per cent year-on-year on average due to a global economic slowdown, caused mainly by the persistent trade war between the immense Chinese and the US economies. Auramon pointed out that Thailand's exports of cosmetic products in 2018 greatly expanded by 3,353 per cent if compared with thost in 1992, when the first FTA the Thai Kingdom concluded with other member countries of the Association of Southeast Asian Nations, named AFTA. became effective. Auramon also stated that in 2018, Thailand's exports of cosmetic products to 17 trading partners, with which the country has signed FTAs, have reached about 2.47 billion US dollars, accounting for about 80.40 per cent of the total Thai export value of cosmetic products. According to the senior official, top importing markets for Thai cosmetic exports have included other ASEAN member countries, China, Australia, Japan, New Zealand, India and South Korea. The senior official stressed that a total of 13 FTAs Thailand has concluded with 18 trading partners so far have considerably boosted the country's exports of cosmetic products, with 14 trading partners having already eliminated their import tariffs on Thai exports of cosmetic products to "zero" per cent namely other ASEAN member countries, China, Japan, Australia, New Zealand and Hong Kong, while South Korea, India, Chile and Peru having remained imposing their import tariffs on some items of Thai cosmetic exports. The senior official mentioned that her department is ready to hold talks with the remaining trading partners and even trading partners with which Thailand will conclude new FTAs in the future to eliminate their import tariffs of Thai exports of cosmetic products to "zero" per cent, including those with Turkey, Pakistan and Sri Lanka, as well as those under the Regional Comprehensive Economic Partnership (RCEP). (TNA)