Russia-Eurasia announced the disqualification of the Thai GSP

Published May 31, 2021

Tridge summary

The Eurasian Economic Commission (EEC), which includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan, has decided to remove Thailand from the list of countries receiving preferential tariffs due to the country's upper middle-income status. From October 12, Thailand will no longer enjoy the benefits of the GSP, and exporting products to Eurasia will revert to the normal import tax rate. The Department of Foreign Trade will work with Thai exporters to mitigate the impact and increase the competitiveness of Thai products. The review of countries receiving GSP rights is done every three years, leaving only 29 developing countries with GSP rights from Eurasia, down from 103 previously. Thailand still has GSP rights in certain countries, including the United States, Switzerland, Russia, and the Commonwealth of Independent States, and Norway.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Mr. Keerati Ratchano, Director-General of the Department of Foreign Trade Addressing the case of the Eurasian Economic Commission It consists of five members: Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan. has resolved to review and withdrawing Thailand from the list of countries receiving preferential tariffs (GSP), which will be effective from October 12, 64 onwards, because Thailand does not qualify for the privilege Because the World Bank currently places Thailand in the upper middle-income group. From the specified criteria are Countries to receive GSP Must not be an upper middle-income country or high-income groups according to the ranking of the World Bank by such resolution Therefore, starting from October 12, 64, Thailand will not receive GSP rights from Eurasia anymore and if exporting products to Eurasia will have to return to the normal import tax rate (MFN) from during the receiving GSP Goods exported from Thailand are subject to import duty as low as 75% of the ...

Source: Ththansettakij