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.
Auto industry expected to reap huge benefits from AFTA
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