Thailand’s exporters hope for additional benefits from the Regional Comprehensive Economic Partnership (RCEP).They hope to be able to ship more machinery, electrical appliances, plastics, chemicals, autos and parts, tires, fiber, apparel, tapioca and paper to other RCEP countries. The agreement may also encourage Thai investment in other RCEP countries, in areas where Thailand has strong expertise, such as in construction, retail, health-related businesses as well as the movie and entertainment industries, especially in post-production and animation.

The Regional Comprehensive Economic Partnership may be signed next year. Once that happens it will be the largest trading bloc in the world. It comprises China, India, Japan, South Korea, Australia, New Zealand and the 10 Asean member states. The countries involved hope the free trade agreement provides a forum for members to ease tensions and ensure smooth continuity of regional supply chains amid growing geopolitical tensions. Negotiations on a total of seven chapters and three annexes have already been concluded, while remaining chapters or annexes near conclusion. These cover a wide range of issues from trade and investment to services, as well as new areas of business such as electronic commerce. Recently concluded annexes include telecommunications, financial and professional services. Additionally, RCEP should lead to clearer trade and investment regulations.