Thailand signs trade agreement with EU, same tax rates as before Brexit

Under a new agreement with the European Union, Thailand can export to the trade bloc under the same tax rates and trade privileges from before Brexit. After the UK left the trade bloc on January 1, the tariff rate quota deal between Thailand and the EU was renegotiated. The agreement goes into effect next month.

The recent agreement only covers the same quotas for goods under the previous agreement, according to Thailand’s permanent representative to the World Trade Organisation, Pimchanok Pitfield.

“Products covered in the agreement include rice, poultry and fishery products, which Thailand will still be able to export to the EU with the same trade privileges extended before Brexit.”

She says Thailand’s Department of Foreign Trade has been the main negoitator for the deal and they had been working since 2019 to secure, at the least, the same quotas and rates Thailand had with the EU prior to Brexit.

There will be other, separate negotiations between Thailand, the EU and UK on export duty reductions and Thailand’s Commerce Ministry plans to push for higher quotas and lower duty rates for exports of goods related to agriculture and fishery, Pimchanok told the Bangkok Post.

SOURCE: Bangkok Post