Cabinet of Thailand Decided to Reduce Import Tariff on Auto Industry Products to Zero

According to the news on June 29, 2010 from a news agency in Thailand, the Cabinet of Thailand will, in accordance with the stipulations in Article 12 of the customs tariff law of Thailand, reduce the import tariff on 63 kinds of commodities among automobile industry products so as to encourage the development of automobile industry in Thailand.

The automobile industry products involved in the tariff reduction shall be divided into 3 kinds, iron and steel commodities, parts and accessories for tractors, and paper and chemicals. Within the year of 2010, the import tariff on such products will be reduced to zero in accordance with relevant stipulations in the ASEAN Free Trade Agreement. The import tariff now is 5%.

To encourage the use of clean energy, the cabinet meeting also decided to reduce the tariff on 8 kinds of imports to zero, including relevant parts and accessories for gas-electric hybrid automobiles, automobiles using E85 and automobiles E20.