Thailand approves submission of ACFTA 3.0 to legislature for ratification
The Thai Cabinet on June 10 approved the submission of the Protocol to Upgrade the ASEAN–China Free Trade Agreement (ACFTA) to legislature for ratification, paving the way for ACFTA 3.0 aimed at promoting regional trade, investment, digital economy, and green growth.
The Thai Cabinet on June 10 approved the submission of the Protocol to Upgrade the ASEAN–China Free Trade Agreement (ACFTA) to legislature for ratification, paving the way for ACFTA 3.0 aimed at promoting regional trade, investment, digital economy, and green growth.
Deputy Government Spokesperson Lalida Pherdwivatana said the decision marks an important step to complete Thailand’s domestic legal procedures before ACFTA 3.0 becomes legally binding on the country.
One of the key features of ACFTA 3.0 is the modernisation of customs procedures and trade facilitation through expanded use of electronic systems, greater transparency in the publication of export-import information, and shorter customs clearance times for perishable goods. Under the upgraded agreement, such goods must be cleared within a maximum of six hours after arriving at border checkpoints.
The deal also updates regulations on technical standards, sanitary and phytosanitary (SPS) measures, and strengthens economic and technical cooperation up to international standards.
Notably, ACFTA 3.0 introduces five new cooperation areas, including competition and consumer protection; digital economy; green economy; supply chain connectivity; and support for micro, small and medium-sized enterprises (MSMEs)./.