Thai and Australian Foreign Business Law and the Impact of the Thailand Australia FTA
When Thailand and Australia entered into a Free Trade Agreement inÂ 2005 the public focus was largely on the trade in goods and the benefits that would accrueÂ to each country with a more open market. What appears to have been largely neglected isÂ that the Thailand Australia Free Trade Agreement also covers trade in services, foreignÂ direct investment including commercial enterprises, and the movement of persons. ThisÂ paper describes the foreign business laws that operate in each jurisdiction. It will be seenÂ that those of Thailand are much more restrictive of foreign entry than those of Australia.
Thailand provided additional concessions to Australian companies allowing them to operateÂ in selected sectors such as consulting services, communications and education. Australia inÂ its response reiterated that Australia was already a largely open market and Thailand wasÂ welcome to establish businesses and invest in Australia subject to the limited restrictionsÂ that apply to all foreign investors. Both countries agreed to facilitate the movement ofÂ persons associated with businesses established in the country of the other party. It is clearÂ that Australia was the major beneficiary from these initiatives. This needs to be balancedÂ against the fact that Australia had granted Thailand major concessions in opening its marketÂ to tariff and duty free entry of most Thai goods.
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JICLT is a member of the Directory of Open-Access Journals (www.doaj.org).Â ISSN: 1901-8401.