Thailand’s trade practices, which cover both internal and foreign trade, are governed by a series of laws and regulations. The Thai government wants to encourage an open, just, and competitive marketplace that supports the nation’s economic growth and benefits its citizens.
Thailand’s primary trade regulations are as follows:
- The Customs Act governs the import and export of products and services, as well as customs valuation, tariff rates, and processes.
- The Foreign Business Act is a statute that regulates foreign investment in Thailand and establishes limitations and specifications for international companies doing business there.
- The Trade Competition Act: This regulation encourages healthy competition and forbids anti-competitive actions including price-fixing, market-sharing, and the exploitation of dominant market positions.
Thailand is a signatory to numerous regional trade agreements, such as the ASEAN Free Trade Area (AFTA), the Japan-Thailand Economic Partnership Agreement (JTEPA), and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). It is also a member of the World Trade Organization (WTO).
Thailand’s trade laws may change as a result of a variety of causes, including alterations in governmental policy, modifications in the nature of international trade, and other alterations in the economy and political situation. These modifications may have an impact on the legal framework in Thailand that governs commercial operations and trade, as well as the rights and obligations of foreign investors and trading partners.
It is crucial to become familiar with Thailand’s trade rules and regulations if you are interested in conducting business there. You should also obtain professional advice and assistance from legal and business specialists.