Use of FTA privileges in first four months sees sharp fall

Use of FTA privileges in first four months sees sharp fall

By THE NATION

Thai entrepreneurs made greater use of the Generalised System of Preferences (GSP) while the use of free trade agreements (FTAs) saw a fall due to the Covid-19 outbreak.

GSP use increased by 3.3 per cent for Thai export of rubber gloves, air-conditioners, and processed food, while FTA use decreased by 13 per cent.

The Department of Foreign Trade (DFT) informed that the total value of benefits, exercised by Thai entrepreneurs under the GSP and FTAs was $21.340 billion between January and April, decreasing by 12.08 per cent.

Department director-general Keerati Rushchano added that $1.793 billion of total benefits used was under GSP, while the balance $19.546 billion came from FTAs.

GSP benefits exercised in the four months increased by 3.87 per cent, and the market Thailand exporters tapped the most was the US, accounting for Bt1.644 billion, rising by 3.34 per cent.

The director-general added that th products that benefited from the use of trade privileges were drinks and processed foods, which were in demand amid the virus crisis across the world.

He added that the use of FTA privileges amounted to $19.546 billion, decreasing by 13.30 per cent, due to the pandemic.

Source: https://www.nationthailand.com/news/30390724