Thailand to cut import tariffs

Thailand to cut import tariffs

BANGKOK (DPA): Thailand will slash import tariffs on 500 items if a finance ministry package promoting trade liberalization and industrial restructuring is approved Tuesday by the cabinet, a news report said.

Import tariffs on the 500 items will be dropped to 1-15 per cent, compared with current rates ranging up to 80 per cent, said The Nation newspaper Monday, citing finance ministry sources.

The package, part of the ministry's efforts to increase the competitiveness of local manufacturers by reducing the costs of imported raw materials, will be presented to the Thai cabinet for approval at its weekly meeting Tuesday.

Industries expected to benefit from the lower import tariffs include electronics, electrical appliances, automotive, packaging, food and garments.