Thailand signs ASEAN’s Protocol 7

BANGKOK, February 24 (TNA) - Thailand has signed the Protocol 7 of the Association of Southeast Asian Nations (ASEAN) to facilitate the transport of cargoes in transit in the region. Thai Finance Minister Sommai Phasee inked the Protocol 7 under the ASEAN Framework Agreement on the Facilitation of Goods in Transit in Bangkok on Tuesday, showing Thailand’s compliance with obligations under the formation of the ASEAN Economic Community (AEC). The Protocol 7 is aimed at facilitating the transport of goods in transit among ASEAN member states and creating a single and streamlined standard for regional transport, trade and customs. The Thai army-led National Council for Peace and Order (NCPO) gave a nod to the Protocol 7 on August 26, 2014 and assigned the finance minister to sign it. The ASEAN Framework Agreement on the Facilitation of Goods in Transit consists of nine protocols which, when implemented, will facilitate the transport of goods in transit among ASEAN member countries. The regional transport will then be fully managed with a computerized system and a single guarantee and a single regional customs declaration/document for transit can be applied all the way of the transport, which supports the achievement of the AEC Blueprint. The ASEAN's Protocol 7 will be soon forwarded to the National Legislative Assembly (NLA) for its approval, under Thailand's provisional Constitution before its ratification. (TNA)