The Federation of Thai Industries (FTI) has called for thorough preparations to address potential trade challenges resulting from the US’s policy changes.
A shopper at a supermarket in Bangkok, Thailand (Photo: AFP/VNA)
Bangkok (VNA) - The Federation of Tꦕha♔i Industries (FTI) has called for thorough preparations to address potential trade challenges resulting from the US’s policy changes.
FTI chairman Kriengkrai Thiennukul on January 20 cited the International Monetary Fund’s projections of US tariff increases of 10-20% on trading partners, with China possibly facing hikes of 60-100%.
To strengthen Thailand’s export sector, the federation has proposed two key strategies, including the establishment of a “war room” of skilled lobbyists to help navigate US trade policies and mitigate their impact on exports, and the diversification of export markets to reduce reliance on the US.
The Thai Industry Sentiment Index (TISI) fell to 90.1 in December last year from 91.4 in November, reflecting concerns over several factors, including reduced manufacturing due to long holidays, the ongoing flood crisis in the South and rising prices of agricultural goods that have negatively affected food processing industries.
The FTI has made several recommendations for government action, including support measures for small- and medium-sized enterprises affected by the minimum wage increases, the introduction of energy conservation initiatives, the acceleration of negotiations on trade agreements – especially with the European Union – and the development of comprehensive strategies to effectively respond to US trade policies./.
A free trade agreement between Thailand the European Free Trade Association (EFTA), including Switzerland, Norway, Iceland and Liechtenstein, will be signed in Davos on January 23, becoming the first pact of its kind between the Southeast Asian country and the trade bloc.
Thailand posted record investment figures for 2024, with applications exceeding 1.13 trillion THB (32.5 billion USD), the highest in the past decade, according to the country’s Board of Investment (BOI).
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The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
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PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
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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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Member states also reviewed progress on six priority areas for 2025, including the development of an underground cable framework, the follow-up agreement to the ASEAN Petroleum Security Agreement (APSA), the launch of the ASEAN Energy Efficiency Database, and the rollout of an investment platform for sustainable building initiatives.
In March, Thai Prime Minister Paetongtarn Shinawatra met with Formula 1 chief Stefano Domenicali and said Thailand would commission a feasibility study into hosting a Grand Prix on a Bangkok street circuit from 2028.
The proposed giant sea wall aligns with bilateral cooperation and has been designated a national priority, considering that several regions in Indonesia are experiencing land subsidence of 10–15 centimetres per year.
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The Thai cabinet has approved a seven-year EV bus leasing scheme proposed by the Bangkok Mass Transit Authority (BMTA) for the capital, with an estimated cost of 15.35 billion THB (over 470 million USD).
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Laos declared the transfer of the press management functions of five key media agencies and associated personnel to the Propaganda and Training Board of the Lao People's Revolutionary Party Central Committee.
