Thais set deadline for KL

Wed, 05 Sep 2001 | Source: DJ

BANGKOK (Dow Jones): Thailand's government has given Malaysia a Sept. 16 deadline to propose compensation for its refusal to reduce automotive tariffs under the ASEAN Free Trade Area, or AFTA, scheme, Bangkok Post reports.

If Kuala Lumpur fails to respond, Thailand reserves the right to retaliate against Malaysian goods, Finance Minister Somkid Jatusripitak, was quoted as saying.

Under AFTA, tariffs on automotive vehicles and parts are to be cut to a maximum of 5 percent by the end of 2002. Malaysia has sought a two-year exemption to protect its national auto maker, Perusahaan Otomobil Nasional Bhd.

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