Thailand likely to reduce duties on steel from Japan

Thailand likely to reduce duties on steel from Japan

Thai government is likely to reduce duties on steel products imported from Japan in an effort to revive the impeded negotiations on free trade agreement between the two countries, sources report. As previously reported by SteelOrbis, the two countries had long been in negotiations for a free trade agreement, however the talks were cancelled last month due to the disagreement on steel import duties. Japanese government demanded that the Thai government reduce duties on hot rolled steel to 0% from the current rates reaching up to 9.6%. Thai government is expected to introduce a quota system for certain steel imports at lower duty rates in an effort to meet Japan's request to promote a free trade agreement. Thai Finance Minister Somkid Jatusripitak stated that a free trade agreement with Japan will increase trade between the two countries, which will be useful for both of the countries. Negotiations between the two countries are scheduled to be completed in July.