Thailand’s Commerce Ministry has revealed that the Philippines has scrapped plans to impose tariffs on cars imported from Thailand, after Thai officials ramped up attempts to resolve the trade dispute.
Thai Commerce Minister Jurin Laksanavisit said the Philippines started the collection of import duties on passenger cars and pickup trucks from Thailand on Feb 1st this year. The duty has been charged at 42,000 baht per passenger car and 66,000 baht per pickup truck.
He said the Philippines also agreed to return to importers 1.2 billion baht worth of safeguard duty charged on the two types of imported cars.
Mr. Jurin said the Philippines’ decision will help Thailand retain market share in two vehicle categories in the Philippine market, worth 60-70 billion baht a year. Pickup trucks imported from Thailand control up to 99% of that particular automotive niche in the Philippines, while Thai passenger cars control 20%. (NNT)