The Commerce Ministry has teamed up with International Merchandise Exchange & Exhibition (IMX), a subsidiary of King Wai Group (KWG), to empower Thai SMEs to gain access to the China market through both online and offline channels.
Banjongjitt Angsusingh, director-general of the International Trade Promotion Department, said the department yesterday signed a letter of intent on strategic cooperation with IMX, which specialises in cross-border e-commerce services that will allow Thai SMEs to gain easier access to over 1 billion consumers in China.
"King Wai Group's innovative cross-border e-commerce platforms will increase Thai SMEs' access to one of the world's largest markets, China," she said. "This cooperation is a major tool to promote Thai products and services with Thailand Trust Mark, a symbol of quality. At the same time, this is a great opportunity for both parties to exchange knowledge and expertise that will boost trade collaboration between the two countries."
Under the cooperation, Thai SMEs will benefit from IMX's complete solution that integrates bonded warehouses, merchandise exhibitions, port services, customs clearing and sales channels, both online and offline.
IMX operates four Chinese exhibition centres, in Tianjin, Shanghai, Shenzhen and Chengdu. The Shanghai government has recognised the IMX centre as a 6+365 Permanent Exhibition and Trade Platform. At the same time, IMX subsidiary KJT.com is one of the first cross-border e-commerce platforms in China.
The Chinese government is vigorously driving cross-border e-commerce. KJT is the first cross-border e-commerce platform officially approved by the State Council since the establishment of the Shanghai Free Trade Zone.
With the group's integrated cross-border trading platform, Thai products will have the potential to reach 1 billion people within two hours.
According to Ms Banjongjitt, China has opened up the market for foreign goods by further implementing policies and preferential tax benefits, as well as policies that facilitate cross-border trade.
Starting in 2019, the Chinese administration will waive its customs tariff for consumers who buy products through cross-border e-commerce platform for every purchase of not more than 5,000 yuan or the whole-year purchase of not more than 26,000 yuan (about 123,000 baht).
Ms Banjongjitt said the Commerce Ministry sees the cross-border e-commerce platform as beneficial to Thai entrepreneurs.
Under the partnership, KWG will source high-quality products from Thailand with assistance from the Department of International Trade Promotion under the Commerce Ministry.
