Implementation of EPA to benefit South Korean carmakers planning to invest in Thailand Reported on November 20, 2023, the Thai Trade Representative has recently discussed an Economic Partnership Agreement (EPA) plan with the South Korean Minister of Trade, Energy and Industry. Between both countries, only some regional trade agreements such as the ASEAN-Korea FTA (AKFTA) and the RCEP, have been reached. A Free Trade Agreement (FTA) has not been s...

News  Updated at: 2023/11/24

idiary in Selangor, Malaysia. This company is the sixth project and fourth wholly-owned subsidiary invested and established by JAC Group overseas. Malaysia, Southeast Asia’s second-largest automotive market, enables JAC Group to radiate to the entire Southeast Asian market with the support of the RCEP (Regional Comprehensive Economic Partnership) agreement, which has strategic significance for regional deployment. By establishing the wholly-own...

News  Updated at: 2023/10/20

Indonesia’s parliament already ratifies RCEP trade agreement On August 30, 2022, Indonesia has become the latest country in Southeast Asia to join the world's biggest trade deal, the Regional Comprehensive Economic Partnership (RCEP), as the Indonesian parliament already enacted the law to approve the country’s membership of the RCEP. A bilateral trade pact with South Korea has also been ratified, expecting to lure new investment related to t...

News  Updated at: 2022/09/09

not visit the site, they could not finalize the investment decisions because of the quarantine requirements and it was a discouragement on their part to pursue their visit in the Philippines.DTI said it would continue to push for the ratification of the Regional Comprehensive Economic Partnership (RCEP) agreement, which creates the world’s largest free trade area. RCEP, which has been ratified by the President, still needs concurrence from the...

News  Updated at: 2022/04/07

Korean market and domestic brand trends: Semiconductor shortages reducing production and sales Hyundai Group accelerates electrification, Korean government presents battery strategy Summary Korean government policies: Tax break extension, joining RCEP, and battery strategy Domestic market share: Hyundai Group declines to 61%, imports’ share grows to 16% Production volume: Declining to 3.462 million units in 2021, down by 1.3% y/y Korean automak...

Market & Tech Reports  Updated at: 2022/03/01

sories for garment production, construction materials and vehicles, etc. In fact, both countries had committed to reaching annual bilateral trade of USD 10 billion by 2023. The two countries have signed a free trade agreement (FTA) and are members of the Regional Comprehensive Economic Partnership (RCEP), both of which come into force on January 1. The FTA and RCEP will help increase imports from Cambodia and encourage Chinese firms to invest mor...

News  Updated at: 2021/12/22

emission standards from January 1, 2022. As a result, Thai automakers that cannot comply with the new standard may lose sales. There are concerns that vehicle exports may be affected, but the scale of the impact is unable to be predicted at this time.   Thai government to submit ratification of RCEP trade pact in October As reported on May 17, 2021, the Thai government is accelerating the enactment of related laws and regulations for ratif...

Market & Tech Reports  Updated at: 2021/11/11

RCEP to be effective from January 2022; elimination of tariffs on electric vehicle-related parts still yet to be realized It has been decided that the Regional Comprehensive Economic Partnership (RCEP) Agreement, in which 15 countries including Japan will participate, will come into effect on January 1, 2022. For the time being, it will be operated among 10 countries that have already completed the ratification procedure of the agreement. RCEP wi...

News  Updated at: 2021/11/05

Thailand to submit ratification of RCEP trade pact by October Reported on May 17, 2021, the world’s biggest free trade agreement “the Regional Comprehensive Economic Partnership (RCEP)”, which requires ratification from at least 9 countries (at least 6 from ASEAN and 3 non-ASEAN countries) to take effect, is making good progress with Singapore and China already submitting their ratifications. Thailand Trade Negotiations Department said the ...

News  Updated at: 2021/05/17

for ASEAN, including the Philippines.South Korean Ambassador Kim lauded the Philippine government’s efforts for economic reform like the CREATE Act, while remarking on the further development of both countries’ bilateral relationship, especially once Regional Comprehensive Economic Partnership (RCEP) comes into effect and the Korea-Philippine FTA is signed.(From an article of CarGuide.PH on May 12, 2021)...

News  Updated at: 2021/05/12

MIDA sees RCEP as tool for Malaysia’s economic recovery amid pandemic On February 22, 2021, the Malaysian Investment Development Authority (MIDA) revealed that the Regional Comprehensive Economic Partnership (RCEP) will serve as an economic recovery tool amid the COVID-19 pandemic. The signing of the FTA was timely, given the current situation, as it would facilitate and protect investments of participating countries and tariff elimination, amo...

News  Updated at: 2021/02/23

omakers and brands, local ones like BYD, Wuling and SAIC Motor will remain strong in 2021, while joint-venture automakers (e.g. VW’s joint ventures in China) will have huge potential for strong sales of newly-launched NEV models.  On November 15, the Regional Comprehensive Economic Partnership (RCEP) agreement was signed among 15 countries, including the 10 member countries of the Association of Southeast Asian Nations (ASEAN) and China, Sout...

News  Updated at: 2020/12/11

Japanese government signs East Asian RCEP On November 15, the Japanese government signed an agreement for the East Asian Regional Comprehensive Economic Partnership (RCEP) that consists of 15 countries. The RCEP agreement, when it becomes effective, will create a mega economic zone that accounts for about 30% of the world’s gross domestic product (GDP), gross trade, and population. For Japan, the agreement is the first economic partnership agre...

News  Updated at: 2020/11/17