What does TAFTA mean in AUSTRALIAN
TAFTA stands for Thailand Australia Free Trade Agreement. It is a bilateral free trade agreement between Thailand and Australia, signed in 2004. The agreement came into effect on 1 January 2005.
TAFTA meaning in Australian in Regional
TAFTA mostly used in an acronym Australian in Category Regional that means Thailand Australian Free Trade Agreement
Shorthand: TAFTA,
Full Form: Thailand Australian Free Trade Agreement
For more information of "Thailand Australian Free Trade Agreement", see the section below.
» Regional » Australian
Objectives
The primary objective of TAFTA is to promote trade and investment between Thailand and Australia by:
- Reducing or eliminating tariffs and other trade barriers
- Facilitating cross-border trade and services
- Enhancing cooperation in areas such as intellectual property, e-commerce, and customs procedures
Scope
TAFTA covers a wide range of goods and services, including:
- Goods: Agricultural products, manufactured goods, and mining products
- Services: Financial services, telecommunications, and professional services
Benefits
TAFTA has provided significant benefits to both Thailand and Australia, including:
- Increased trade: Tariffs have been reduced or eliminated on a wide range of goods, leading to increased trade volumes.
- Enhanced investment: The agreement has promoted investment in both countries, creating jobs and economic growth.
- Improved competitiveness: TAFTA has helped businesses in both countries to become more competitive in the global market.
Essential Questions and Answers on Thailand Australian Free Trade Agreement in "REGIONAL»AUSTRALIAN"
What is TAFTA?
TAFTA, short for Thailand-Australia Free Trade Agreement, is a bilateral trade agreement between Thailand and Australia that aims to liberalize trade between the two countries, reduce tariffs, and promote economic cooperation.
When did TAFTA come into effect?
TAFTA entered into force on January 1, 2005.
What are the key benefits of TAFTA?
TAFTA offers several benefits, including:
- Elimination or reduction of tariffs on a wide range of goods traded between Thailand and Australia
- Improved market access for goods and services
- Streamlined customs procedures
- Enhanced trade facilitation
- Promotion of investment and economic cooperation
- Establishment of a framework for resolving trade disputes
What are the tariff elimination schedules under TAFTA?
TAFTA provides for the gradual elimination of tariffs on most goods traded between Thailand and Australia. The tariff elimination schedules vary by product category, with some tariffs being eliminated immediately, while others are phased out over a period of time.
Does TAFTA cover trade in services?
Yes, TAFTA includes provisions that liberalize trade in services. These provisions aim to reduce barriers to trade in services, such as professional services, financial services, and telecommunications.
How does TAFTA contribute to economic growth?
TAFTA promotes economic growth by reducing trade barriers, facilitating investment, and encouraging trade and investment between Thailand and Australia. It helps businesses expand their markets, increase exports, and become more competitive globally.
How does TAFTA benefit consumers?
By reducing tariffs and improving market access, TAFTA can lead to lower prices and a wider selection of goods and services for consumers in both Thailand and Australia.
Final Words: TAFTA has been a successful free trade agreement that has benefited both Thailand and Australia. It has promoted trade, investment, and economic cooperation between the two countries.
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