October 24, 2007

Thailand approves the opening of soy market

Thailand's Agriculture Industry Office of the Ministry of Agriculture and Cooperatives said the government has approved the opening of the 2550 soy bean market according to suggestions from the Oil plant and Vegetable Oil committee. The policy dictating the years soy bean market will follow the framework of the World Trade Organization by not limiting the time and amount of import.

According to the ministry's Deputy Secretary-General Monton Jiamcharoen, the tax rate for imports within quota will be 0 percent and tax rates for non-quota will be 80 percent with 12 importers being given quota rights. The importers will be obliged to buy all domestic soy at market triggering prices but not less than set. The prices will be salad grade beans for 10.50 baht per kilogramme from the field while animal Feed grade at 11.50 baht at the field and Food Processable grade at 13 baht at the field. All grades will be added 1 baht at processing factories.

The office also stated that imports under other trade agreements such as ACMECS (Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy) and free trade agreement (FTA) will be done with the same principal as the WTO.