Thai Govt speeds up improving logistic system to prepare for AEC

BANGKOK, August 22 (TNA) - The Thai Industry Ministry will spend its 2013 fiscal year budget of 130 million baht on improving the country’s logistic system to prepare for the formation of the ASEAN Economic Community (AEC) in 2015. Industry Minister Pongsvas Svasti told reporters Wednesday that Thailand’s logistic costs is currently accounting for 14.5% of gross domestic product (GDP), ranking third among the 10 ASEAN nations behind Singapore and Malaysia. The country’s logistic costs accounted for 18 percent of the GDP in 2011. Despite the improvement, Pongsvas said Thailand must still to continue with its effort to lower its logistic costs though the development of working system to support its logistic system. He said that the Ministry of Information and Communication Technology is developing the National Single Window system to facilitate import and export. The system will allow international traders to submit regulatory documents at one checkpoint and is expected to be completed by 2013. (TNA)