Thailand Navigates Trade Challenges and Economic Resilience Amid Global Shifts
Recent developments highlight Thailand's response to potential US tariffs, new trade agreements, and economic stability following the earthquake.
Thailand is preparing for significant economic implications due to potential tariffs from the United States, with estimates indicating losses between US$7 billion to US$8 billion.
Vuttikrai Leewiraphan, a senior official at the Commerce Ministry, noted that if tariffs were to be adjusted to equalize with those of the US, holding a current advantage of approximately 11 percent on agricultural and industrial tariffs, Thailand's semiconductor exports could be particularly impacted, potentially facing a 25 percent levy.
In a strategic response, Thailand is working to mitigate the economic fallout by increasing its imports of significant agricultural products such as corn and soybeans from the United States.
This move aims to narrow Thailand's trade surplus with the US, recognizing that exports are crucial for the national economy.
In a related development, Thailand is set to enhance its trade relations with Bhutan through a new free trade agreement (FTA), which will be officially signed at Government House.
Commerce Minister Pichai Naripthaphan confirmed the signing ceremony will take place on Thursday, attended by Prime Minister Paetongtarn Shinawatra and Bhutanese Prime Minister Tshering Tobgay.
This agreement follows the conclusion of the fourth round of negotiations held in Bangkok earlier this year.
The Thai Chamber of Commerce has also introduced a strategic initiative titled "UNLOCKING NEW GROWTH," aimed at bolstering the country's economic resilience against increasing global challenges.
Poj Aramwattanon, the new chairman, articulated a four-pronged strategy focusing on enhancing global trade and investment confidence, expanding trade partnerships, and ensuring competitiveness at an international level.
The strategy emphasizes collaboration across sectors to adapt to upcoming economic, social, and geopolitical uncertainties anticipated by 2025.
In a separate but important update, Thai economic and financial authorities have reassured stakeholders of market stability following an earthquake that occurred on 28 March.
A joint press conference at the Stock Exchange of Thailand featured representatives from key economic sectors addressing potential impacts on the economy.
Dr. Thanet Weerasiri, president of the Council of Engineers Thailand, reported that post-earthquake inspections indicated no significant structural damage, with a majority of buildings receiving a 'green level' rating for structural integrity.
Kriangkrai Thiennukul, chairman of the Federation of Thai Industries, confirmed that manufacturing operations remained largely unaffected, ensuring that critical production and logistics systems continued to operate without disruptions.
Vuttikrai Leewiraphan, a senior official at the Commerce Ministry, noted that if tariffs were to be adjusted to equalize with those of the US, holding a current advantage of approximately 11 percent on agricultural and industrial tariffs, Thailand's semiconductor exports could be particularly impacted, potentially facing a 25 percent levy.
In a strategic response, Thailand is working to mitigate the economic fallout by increasing its imports of significant agricultural products such as corn and soybeans from the United States.
This move aims to narrow Thailand's trade surplus with the US, recognizing that exports are crucial for the national economy.
In a related development, Thailand is set to enhance its trade relations with Bhutan through a new free trade agreement (FTA), which will be officially signed at Government House.
Commerce Minister Pichai Naripthaphan confirmed the signing ceremony will take place on Thursday, attended by Prime Minister Paetongtarn Shinawatra and Bhutanese Prime Minister Tshering Tobgay.
This agreement follows the conclusion of the fourth round of negotiations held in Bangkok earlier this year.
The Thai Chamber of Commerce has also introduced a strategic initiative titled "UNLOCKING NEW GROWTH," aimed at bolstering the country's economic resilience against increasing global challenges.
Poj Aramwattanon, the new chairman, articulated a four-pronged strategy focusing on enhancing global trade and investment confidence, expanding trade partnerships, and ensuring competitiveness at an international level.
The strategy emphasizes collaboration across sectors to adapt to upcoming economic, social, and geopolitical uncertainties anticipated by 2025.
In a separate but important update, Thai economic and financial authorities have reassured stakeholders of market stability following an earthquake that occurred on 28 March.
A joint press conference at the Stock Exchange of Thailand featured representatives from key economic sectors addressing potential impacts on the economy.
Dr. Thanet Weerasiri, president of the Council of Engineers Thailand, reported that post-earthquake inspections indicated no significant structural damage, with a majority of buildings receiving a 'green level' rating for structural integrity.
Kriangkrai Thiennukul, chairman of the Federation of Thai Industries, confirmed that manufacturing operations remained largely unaffected, ensuring that critical production and logistics systems continued to operate without disruptions.
