Thailand is one of the most important markets in the Southeast Asian region and is developing an increasingly liberalized investment policy. Thus, the Kingdom of Siam has opened up to the international market by signing multiple free trade treaties. Thailand currently has 2269 bilateral treaties that facilitate trade with many countries.
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The TAFTA Thailand-Australia Free Trade Agreement, is one such free trade treaty. This agreement aims to boost trade between Thailand and Australia. Indeed, the TAFTA agreement has made it easier for many Australian companies to access the Thai market. It came into force on January 1, 2005 and is Thailand’s first comprehensive free trade agreement:
| ➤ Elimination of a majority of tariffs on imports from Australia |
| ➤ Access to a preferential rate for certain products |
| ➤ More open access for Australian companies to the Thai services market |
| ➤ Possibility of majority ownership of Thai companies for Australian investors, applicable in certain sectors |
| ➤ Simplification and harmonization of customs procedures |
| ➤ Relaxation of a number of restrictive visa and work permit requirements |
| ➤ Guarantee of non-discriminatory treatment and protection of Australian investments in Thailand |