Nonthaburi, Minister of Commerce holds a meeting with the US Commerce Minister. with the United States Presidential Export Council To strengthen economic and trade relations Strengthen the supply chain and ask the United States Consider expediting the renewal of GSP rights that have expired at the end of 2020 to be completed as soon as possible. Because it will be beneficial to entrepreneurs of both countries.
Mr. Phumtham Wechayachai, Deputy Prime Minister and Minister of Commerce Discussed with Mrs. Gina M. Remondo, Secretary of Commerce of the United States. along with the United States Presidential Export Council To strengthen economic trade relations Highlighting important strategic partnerships Work together to drive IPEF negotiations and push for the renewal of the GSP project, as well as Thailand’s removal from the WL list on intellectual property.
This time with the US executives. To make recommendations for promoting trade and business opportunities with countries in various regions. It was the f
irst time the two sides had met to discuss. Emphasizing that Thailand and the United States It is an important strategic partner. And there has been a good relationship between them for more than 190 years, and the Thai Ministry of Commerce is ready to cooperate with the US Ministry of Commerce. and the U.S. President’s Export Council. in promoting economic, trade and investment relations between each other
However, important Thai economic and trade policies were presented to the United States, such as the Soft Power policy, reducing expenses, increasing income, creating a balance of benefits for all sectors, including farmers, producers, and consumers, and stimulating the national economy. By joining in driving the Digital Wallet policy, promoting MSMEs, pushing exports. as well as taking advantage of Thailand’s existing FTAs. Including focusing on resolving/improving legal restrictions that are barriers to trade in order to promote the capabilities and business opportunities of the private sector.
Both si
des emphasized the importance of supply chain development. Thailand is ready to be an economic partner of the United States. Especially as a production base in the supply chain of modern US industries such as digital, AI, electronics. semiconductors, electric cars, clean energy, aviation, pharmaceuticals, and the United States stands ready to support the American private sector. to increase investment in Thailand
In addition, Thailand expressed its congratulations on the IPEF agreement negotiations, which have made good progress in 2023, and is ready to cooperate with the United States. and partner countries in negotiations to conclude the IPEF Agreement together in Pillar 1 Trade (Pillar 1 Trade). The United States is ready to drive operations under IPEF, which is an important tool in linking supply chains. with Thailand and countries in the region
In addition, Thailand also asked the United States to Consider expediting the renewal of GSP rights that have expired at the end of 2020 to be completed as soon
as possible. Because it will be beneficial to entrepreneurs in both countries. Moreover, Thailand has shown the United States Saw Thailand’s determination to develop the intellectual property system in various areas, including responding to all concerns of stakeholders. To be able to adjust Thailand’s status from the list of countries that need to be watched (Watch List: WL) and from every list in the future.
‘He has recommended M.L. Chayothit Kridakorn, Thai Trade Representative, to act as an intermediary to talk with the United States in various operations. After this we will go into more details. Today’s discussion is positive. The United States trusts the Thai government and welcomes the opportunity to talk. It creates a good understanding of each other and wants to build relationships and raise the level. The Minister will come and push himself to make what we talked about today come true. It is a good sign. We have a close relationship and know each other. This cooperation is a very good opportunity,’
Mr. Phumtham said.
However, in 2023, the United States is Thailand’s second most important trading partner, with a total trade value of 68,358.31 million US dollars. The United States is Thailand’s number 1 export market, with an export value to the United States of 48,864.54 million US dollars. Important export products include computers. Equipment and components, rubber products, fax machines, telephones, equipment and components Semiconductor devices, transistors and diodes, electrical transformers and components, while the United States is Thailand’s third import source, with an import value from the United States of 19,493.77 million US dollars. Important imported products include crude oil, machinery and components, chemicals, electrical circuit boards, airplanes, gliders, aviation equipment and components, etc.
Source: Thai News Agency
