Auto industry expected to reap huge benefits from AFTA

Thailand is set to benefit tremendously from the elimination of import duties on automobiles and parts under the Asean Free Trade Area scheme, industry leaders say. The 5% tax on automobiles and parts traded among the six founding Asean countries -Thailand, Malaysia, Singapore, Brunei, the Philippines and Indonesia – was abolished on January 1, in a move towards turning Asean into a single market. This would help Asean nations become more competitive against other Asian giants – particularly China and India.