Progress report on ASEAN Free Trade Area (AFTA)
By Jon Fernquest
This
week the Bangkok post featured several articles on the ASEAN Free
Trade Area (AFTA)
which cut tariffs
significantly
on goods traded between ASEAN countries () and that began at the start
of this year. 1. Thailand and Malaysia teaming up for AFTA (Read article) - Discusses ASEAN branding, investment by companies outside of their home country, and the liberalization of the services sector in ASEAN.
2. Thai architects must improve skills (Read article) - Discusses how foreign architects are used in large projects which violates the law and prevents a skilled community of Thai architects from developing in Thailand.
3. Singapore seeks to lead regional art market (Read article)
4. ASEAN must focus on building single market (Vietnam News Service , Read article)
Read previous articles on the impact of the FTAs that began in Thailand at the beginning of the year (Read article #1, #2, #3, #4, #5, #6 ).
Today's article begins after the vocabulary:
ASEAN Free Trade Area (AFTA) - the grouping of
Southeast Asian states working together to make trading
in the region easier (Brunei, Indonesia, Malaysia, Philippines,
Singapore, Thailand. Vietnam, Laos, Myanmar and Cambodia) (See Wikipedia)
progress, making progress - moving closer towards finishing a project and achieving goals
progress report - explaining in writing or in speech what you have already achieved in your project and how close you are to achieving your goals
tariffs - taxes on imports (to make foreign goods less competitive in a country) พิกัดอัตราภาษีศุลกากร
cut tariffs significantly - reduce taxes on imports by a large amount
progress, making progress - moving closer towards finishing a project and achieving goals
progress report - explaining in writing or in speech what you have already achieved in your project and how close you are to achieving your goals
tariffs - taxes on imports (to make foreign goods less competitive in a country) พิกัดอัตราภาษีศุลกากร
cut tariffs significantly - reduce taxes on imports by a large amount
Economics
TRADE
Afta lifting Thai-Asean volume sharply
1/05/2010Phusadee Arunmas
Tariff cuts under the Asean Free Trade Area (Afta) since the beginning of this year have significantly raised Thai exports to Asean, with two-way trade expanding 52% in the first quarter, according to Deputy Commerce Minister Alongkorn Ponlaboot.
He said the value of bilateral trade between Thailand and the other nine Asean members reached US$17.64 billion in the quarter. Thai exports to the region rose 67% year-on-year to $10.52 billion, with imports up 33.9% to $7.11 billion.
volume
- the quantity or amount of something
trade - the buying and selling of goods การค้าขาย
significantly - in an important way อย่างสำคัญ
first quarter - the first three months of the year for business, period of time used for budgeting and reporting on performance in a company or other organization
bilateral - involving two groups or countries เกี่ยวกับกลุ่มทางการเมืองสองกลุ่ม, สองข้าง
bilateral trade - trade between two countries
trade - the buying and selling of goods การค้าขาย
significantly - in an important way อย่างสำคัญ
first quarter - the first three months of the year for business, period of time used for budgeting and reporting on performance in a company or other organization
bilateral - involving two groups or countries เกี่ยวกับกลุ่มทางการเมืองสองกลุ่ม, สองข้าง
bilateral trade - trade between two countries
Leading exports included sugar, tapioca products, rice, finished oil, automobiles and parts, air-conditioners and parts, electrical circuits and rubber.
Sugar led the growth, rising 340%, followed by tapioca products (272.2%), rice (191.3%), finished oil (114%) and automobiles and parts (106%).
Asean is now the largest export market for Thailand, making up 20% of the country's total exports, followed by Europe, Japan and the United States
More Thai exporters should apply for Afta tariff benefits, as statistics show only 20% worth of goods had applied for the tariff elimination scheme under Afta,'' said Mr Alongkorn.
tapioca
- cassava, an important food source of carbohydrates, also source of
ethanol car fuel (See Wikipedia)
มันสำปะหลัง
circuits - the combination of resistors, transistors, capacitors, inductors and diodes, connected by conductive wires or traces through which electrical current can flow found in electrical and electronic devices (See Wikipedia)
rubber - a material that can undergo elastic deformation under stress and return to its previous size without permanent deformation
tariffs - taxes on imports (to make foreign goods less competitive in a country) พิกัดอัตราภาษีศุลกากร
benefits - money, services, or goods you receive from a government or company programme เงินช่วยเหลือ
apply for benefits - make formal request from government for help
statistics - facts about something, described by counting them สถิติ
scheme - a plan that is developed by a government or large organisation in order to provide a particular service for people แผนการ โครงการ
circuits - the combination of resistors, transistors, capacitors, inductors and diodes, connected by conductive wires or traces through which electrical current can flow found in electrical and electronic devices (See Wikipedia)
rubber - a material that can undergo elastic deformation under stress and return to its previous size without permanent deformation
tariffs - taxes on imports (to make foreign goods less competitive in a country) พิกัดอัตราภาษีศุลกากร
benefits - money, services, or goods you receive from a government or company programme เงินช่วยเหลือ
apply for benefits - make formal request from government for help
statistics - facts about something, described by counting them สถิติ
scheme - a plan that is developed by a government or large organisation in order to provide a particular service for people แผนการ โครงการ
The expanded Afta has eliminated tariffs on about 97% of all goods traded within the region.
In the Asean market, Malaysia was the biggest market for Thai exports, making up 23.6% of total shipments, followed by Singapore (19.9%), Indonesia (18.2%), and Vietnam (12.1%).
Asean is also the second largest market from which Thailand imports (16.8% of the total), behind Japan at 20.6%.
Imports are mainly capital goods, semi-finished goods and raw materials for production and re-export. Malaysia accounted for 37.5% of Thailand's imports, Singapore 20.9%, Indonesia 18.7% and Burma 8.2%.
Trade between Thailand and Asean was worth $51.59 billion last year, $29 billion of which represented Thai exports. Thailand's total trade was estimated at $280 billion with exports of $150 billion
traded
- bought and sold ค้าขาย
capital - money invested in a business (See glossary)
capital goods - machines and other equipment found in factories, used to manufacture other goods or build buildings
raw materials - materials such as metal and wood in their natural state before being processed or used in manufacturing
semi-finished goods - components or parts to be assembled into final goods that are then sold in stores
capital - money invested in a business (See glossary)
capital goods - machines and other equipment found in factories, used to manufacture other goods or build buildings
raw materials - materials such as metal and wood in their natural state before being processed or used in manufacturing
semi-finished goods - components or parts to be assembled into final goods that are then sold in stores
(Source: Economics, TRADE, Afta lifting Thai-Asean volume sharply, 1/05/2010, Phusadee Arunmas, link)
