The National Economic and Social Development Council (NESDC) of Thailand has recommended that Thailand collaborate with other ASEAN nations to negotiate trade agreements with the US to avoid high import tariffs and penalties.
Bangkok (VNA) – The Natio💜nal Economic and Social Development Council (NESDC) of Thailand has recommended that Thailand collaborate with other ASEAN nations to negotiate trade agreements with the US 🧸to avoid high import tariffs and penalties.
NESDC Secretary-General Danucha Pichayanan warned that the US is likely to increase import tariffs against nations that enjoy trade surplus before initiating trade talks with them.
He said Thailand alone would not have enough bargaining power to effectively negotiate lower tariffs with the new US administration under Donald Trump, according to the Thai English-language news site The Nation.
Danucha highlighted a growing concern over Chinese companies relocating their production bases to Thailand to evade tariffs. He proposed that the Board of Investment (BOI) encourage Chinese firms in targeted industries to establish partnerships in Thailand.
Currently, many Chinese companiꦓes register as new entities in Singapore, which then invest in Thailand, Danucha said.
He added that the BOI also should consider offering Chinese companies investment privileges if they have Thai partners. /.
The Federation of Thai Industries (FTI) has called for thorough preparations to address potential trade challenges resulting from the US’s policy changes.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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