Conscious of their strong bond over economics and politics as well as their shared perceptions on other issues, Japan and Thailand has been able to develop a mutually beneficial cooperation. Realizing that economic partnership of the counties would develop new markets while improving economic efficiency and consumer welfare, they decided to sign an agreement. This article intends to explaing this Japan Thailand Economic Partnership Agreement.
Background
The Japan Thailand Economic Partnership Agreement frames the free-trade regulations between the kingdom of Thailand and Japan. The main agenda of this contract is to eliminate the tariffs on 90% or more bilateral trade in 10 years. Japan will remove the tariffs on all the industrial products such as shrimps and tropical fruits like mango from Thailand.
Objectives
Objectives of this agreement are as follows:
- Facilitate trade in goods and services between both the parties;
- Facilitation of the mutual recognition of the conformity assessment results for products;
- Facilitate the movement of the natural persons;
- Enhance cooperation between the parties in the field of government procurement for mutual benefit;
- Promote paperless trading between both;
- Establish a proper framework for further bilateral cooperation;
- Promotion of fair and free competition by limiting anti-competitive activities;
- Promote transparency during implementation of laws and regulations;
- Ensure protection for investment, and;
- Ensure non-discriminatory protection of the intellectual property in order to facilitate trade and investment between the two.
Transparency
- Both parties should promptly publish their laws, regulations and administrative procedures plus administrative rulings and judicial decisions;
- Both the parties should make the names and addresses of the competent authorities responsible for laws;
- Each party should respond upon request made by the other party to specific questions;
- When introducing or even changing laws, or administrative procedures, significantly affecting the implementation of the Agreement.
As for measure against corruption, Japan and Thailand must ensure measures and efforts to prevent from corruption regarding matters related to the Japan-Thailand Economic Agreement.
Your Take!
Konrad Legal helps international clients choose the best business structure for their Thai venture. Our lawyers not only have the necessary technical expertise, but they also have a lot of experience. Clients can rely on us for advice at the stages of formation, development, operations, and corporate governance.
We work together with our clients to ensure that they get the most out of the potential connected with this form of international trade agreement, JTEPA Certificate. Many foreign clients first approach us when they are trying to figure out which form is best for their business in Thailand. Mail us at [email protected] to book your free session of consultation.
