Thai car exporters’ prospects have become brighter after the Philippines scrapped plans to impose tariffs on cars imported from Thailand, and returned 1.2 billion baht worth of safeguard duty to importers.
According to Thai Commerce Minister Jurin Laksanawisit, the Philippines agreed on Aug 6 to scrap the tariff plans and return the import duties, after Mr Jurin and other officials ramped up attempts to resolve the trade dispute.
The Philippines set up a committee to study and impose safeguard measures on Thailand’s passenger car and pickup truck exports in December 2020, leading to the collection of import duties on Thai passenger cars and pickup trucks from Feb 1 this year.
The duty has been charged on Philippine importers at 42,000 baht per passenger car and 66,000 baht per pickup truck. This has resulted in higher expenses for Philippine importers, with a total of 1.2 billion baht charged on the two types of imported cars, according to Mr Jurin.