Thai government exempts Japanese auto parts import tariff

According to the Bangkok Post, the Thai government has waived import tariffs on more than 140 Japanese auto parts since April this year. The move is mainly in response to the requirements of the Thai-Japanese Economic Partnership Agreement (JTEPA), which helps make Thailand a production base for Japanese car companies. More than 140 auto parts exempted from import duties include axles, transmissions, brakes, tires, fuel tanks and engines. The exemption of import tariffs on auto parts will help Thai automakers to import high-quality auto parts from Japan at a lower price, which will help promote the development of the Thai auto industry. Between 2003 and 2011, Japanese companies invested more than $36 billion in the Thai automotive industry, accounting for 24% of their total investment in Asia.

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