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Austrade hosts series of free seminars on TAFTA
Austrade kicks off the year 2007 proactively by organising a series of free seminars on Thailand-Australia Free Trade Agreement (TAFTA) to assist Thai importers capitalising on the benefit of lowering import tariffs.
The first seminar will be on Medical and Biotech sector on 2nd March 07 at Banyan Tree hotel, South Sathorn Road, followed by Consumer and Niche sector, Goods related to Service and Entertainment, and Food and Beverage later on in the year. As these seminars are designed to assist Thai importers to learn how to gain access to preferential tariff rates under TAFTA, participants will receive an update on tariff reductions on their existing imports for this year and beyond. The seminars will also provide participants a good opportunity to be connected to Austrade’s database with more than 23,000 Australian suppliers.
Last year the seminar on TAFTA for Thai wine importers and ICT importers had been organised successfully. Amongst various companies who attended, VITA Power System Co., Ltd., the system integrated provider for alternative power solutions, showed strong interest to exercise benefits already provided by TAFTA.
Previously, the company was only familiar with WTO preferential tariff. After the seminar, the company realized that it could save more on its import of battery purchased from Australian trade partner Battery Energy. With TAFTA, the tariff on battery has been reduced to be lower than 12% from the normal rate at 30%, which certainly helps the company save costs and increase its competitiveness in the growing telecom sector.
As the attendence to seminar is free of charge and the information provided by Austrade specialist in the seminars will be impartial, Thai importers/traders who are thinking about sourcing quality products from Australia are highly encouraged to participate in these sessions.
For more information or reservation, please contact Austrade’s Business Development Manager Khun Pannalak Lieokomol at (02)344-6334 or e-mail to pannalak@austrade.gov.au.
Background on TAFTA:
Since it came into effect on 1 January 2005, the TAFTA continues to open up unprecedented opportunities for Thai traders, by increasing margins for products sourcing from Australia and reducing cost of doing business with their Australian partners. In 2006, Thai importers of a range of products, including ores, wine, vehicle parts, fruits and nuts, etc. all enjoyed the lower bottom lines as a result of TAFTA.
“From our experience, however, a number of Thai importers are not yet aware of these benefits mainly because they view the agreement far too complex with all technical terms and regulations. In fact, with the right channel of assistance provided by us, their burdens can be much eased,” said Pannalak Lieokomol, Business Development Manager at Bangkok-based Australian Trade Commission (Austrade).
By 2010, 98 per cent of tariffs in two-way trade will be phased out. TAFTA will substantially improve the environment for bilateral trade, especially in sectors where they enjoy material benefits through reduced tariffs, including agribusiness, food and beverage, beauty and cosmetics, pharmaceuticals, building and construction, manufacturing, automotive and investment in services and operations.
Latest about Austrade (Bangkok)
In Bangkok, Australian Trade Commission (Austrade) is working with a higher number of Thai importers as a result of increasing business interaction after the implement of Thailand-Australia Free Trade Agreement in January 2004. Last year alone, Austrade assisted over 250 Thai companies find the right Australian suppliers.
Offering free and impartial advisory services, Austrade helps Thai companies source the best of Australian products and services, identify potential business partners and secure foreign investment. It organises industry missions, seminars, trade shows and buyer visits to facilitate business opportunities.
With 80 points of contact across Australia and 22 specialist staff in Thailand, Austrade can reduce the time, cost and risk involved in finding the right Australian supplier or partner and help local companies take advantage of the opportunities created by TAFTA.
For more information about doing business with Australia, contact the Australian Trade Commission on 02 344 6333 or visit www.austrade.gov.au