One of the most important aspects of doing business internationally is import duty reduction and duty elimination for trade in goods such as jewelry.
THAILAND’S FINANCIAL TRADE AGREEMENTS
Under the laws and regulations of the World Trade Organization, Thailand has separate trade agreements with:
- ASEAN India
- ASEAN Japan
- ASEAN China
- ASEAN South Korea
- ASEAN Free Trade Area
- ASEAN Hong Kong, China
- ASEAN Australia and New Zealand
- ASEAN Regional Comprehensive Economic Partnership Areas
- Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC)
- European Free Trade Association
- The United States of America
- European Union
FTAs between individual countries and FTAs that affect whole regions can overlap. If your jewelry company is operating in a country where multiple FTAs apply, and it is trading in jewelry and luxury goods designated in the FTAs, your company can select the most favorable tariff rate.
FINANCIAL TRADE AGREEMENTS IN PRACTICE
Using an FTA for your company’s benefit can be illustrated with a practical example. Take Royi Sal Jewelry factory in Thailand. The factory produces and assembles a variety of different parts that put together form a jewelry piece. In considering where to assign your OEM Jewelry Manufacturing, FTAs are factored into the equation.
Using Royi Sal’s Jewelry factory and Thailand’s FTA’s can almost completely eliminate tariff costs. Your jewelry retail company in the USA could import OEM Jewelry from Thailand, which is covered by the bilateral US – Thailand FTA that completely eliminates import tariffs from Thailand.
REDUCING OEM JEWELRY IMPORT COSTS THROUGH FINANCIAL TRADE AGREEMENTS
Your jewelry company should strive to operate in the most cost-effective way. Deciding on which country OEM Jewelry will be manufactured in and how to distribute the final jewelry products can have a lot of influence on the costs incurred. FTAs can go a long way toward reducing costs and maintaining a competitive edge.
Our customer success team has more than 10 years of experience working closely with customers from 31 countries around the world. We know how to make the whole process smooth and convenient for you to import OEM Jewelry directly from Thailand with almost 0* Import Taxes. (0% import taxes apply only to countries with the appropriate FTA’s with Thailand)