The FTAs have also provided investors with competitive advantages in the importation of raw materials, components and other production inputs by reducing and eliminating import duties on these items. Some of the free trade initiatives also opened new markets and industries to foreign direct investment, such as the ASEAN Investment Area (AIA) Agreement and the Thailand-Australia FTA, which enables Australian investors to own majority control of investments in selected industries in Thailand without BOI promotion. Some FTAs have also harmonized customs codes and product standards, speeding trade flows. Thailand’s participation in multilateral agreements has meant that Thai and Thai-based international manufacturers have gained considerably, increasing Thailand’s allure as a production and export base.
The following is a summary of major benefits that have resulted from each of the six FTAs completed.