ASEAN to have zero auto tariffs
In accordance with the ASEAN Free Trade Area Agreement, tariffs on automobile imports would be reduced to zero per cent over the next five years.india Updated: Mar 30, 2006 13:12 IST
Tariffs on automobile imports among member countries of the Association of Southeast Asian Nations (ASEAN) are likely to be reduced to zero per cent over the next five years.
Director-General of the Customs Department Sathit Limpongpan said on Tuesday in a seminar in Bangkok on Thailand's Detroit of Asia Policy that the automobile import tariffs among the 10 ASEAN member countries could be reduced to zero per cent by 2010-2011.
The move is in accordance with the ASEAN Free Trade Area (AFTA) Agreement.
The Thai Customs Department chief proposed that the ASEAN member countries impose import tariffs on automobiles on the same rate to avoid distorted prices.
He said that The Thai Customs Department would join its counterparts in other ASEAN member nations to study and formulate the proposed single import tariff rate for automobile within the grouping.
The proposal was submitted to caretaker Finance Minister Thanong Bidaya for further consideration and action, revealed the Thai Customs Department chief.
ASEAN now groups Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Myanmar.