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FTA between Australia and Thailand signed |
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2004-7-7
A free trade agreement was signed between Australia and Thailand, yesterday. This wide-ranging agreement was signed between Prime Ministers Thaksin Shinawatra and John Howard along with several other agreements covering environment, heritage, education and training.
Under the agreement Australian businesses will find it cheaper to export goods to Thailand deepening Australia''s economic links with South East Asia.
Prime Minister Howard said the agreement, which Australia estimates will boost the domestic economy by $3 billion, was in both countries'' interests.
It is estimated the Australian exporters to Thailand could save more than $100 million in duties in the first year of the free trade agreement.
More than half of Thailand''s 5000 tariffs on Australian goods will be eliminated under the agreement and nearly all the others will be scrapped by 2010.
Tariffs on items such as clothing, textiles, footwear and leather, chemicals preparations, insecticides, bricks, precious and semi-precious stones and imitation jewellery will be eliminated as soon as the agreement comes into force.
The agreement is the first between Thailand and a developed country.
Dr Thaksin said by signing the agreement, Thailand was recognizing the importance of Australia to South East Asia. |
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