FTI and FCC ask for higher steel
The Federation of Thai Industries (FTI) has teamed up with the Japan Chamber of Commerce (JCC) to call on the Foreign Trade Department to boost the import quota of hot-rolled pickle and oil steel from 440,000 tonnes this year to 760,000 tonnes next year.
The steel quota is granted an exemption of import tariff according to the Japan-Thailand Economic Partnership Agreement (JTEPA). The quota can be changed year by year, depending on negotiations between the two countries.
After meeting with JCC yesterday, FTI vice chairman Payungsak Chartsutipol said Thailand's demand for hot-rolled pickle and oil steel this year was recorded of 730,000 tonnes, nearly twice the import quota's volume.
"Steel importers needed to pay a 5 per cent import tariff for the surplus, which reduces their competitiveness with other countries," he said.
Hot-rolled pickle and oil steel is mostly used in automobile and electric appliances. Payungsak forecasted demand for this steel would surge 5 per cent next year.
He said JCC also suggested setting up a team to follow up JTEPA's results because the private sector gained both advantages and disadvantages.
Similar to foreign investors from other countries, Japanese operators who have run businesses in the Kingdom do not worry deeply about political uncertainty.
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