US extends GSP to Thailand until mid-2013
The US government has extended the generalised system of preferences (GSP) for Thailand which will largely benefit the automotive parts, microwave ovens, furniture and lens exports to the country.
After the extension, the GSP for such products would end mid-2013, according to the Export Promotion Department.
Thai exports to the country benefiting from the scheme were valued at US$3.6 billion in 2010, accounting for 15.90 per cent of total exports from the country. Automotive parts, microwave ovens, furniture and lens accounted for most of the products exported under the GSP.
"The extension will benefit US manufacturers due to the low cost of duty-free raw materials. Meanwhile, once the floods retreat, the department will rush aid measures to Thai exporters so that they can resume production as soon as possible. We also plan a roadshow to restore buyers' confidence," said Nantawan Sakuntanak, director-general of the department.
