Bangkok: The Ministry of Commerce is accelerating its efforts to shut down horse companies that are linked to horse accounts. Pichai Naripthaphan, the Minister of Commerce, has accepted the Prime Minister’s proposal to address the issues raised by the Federation of Thai Industries. These issues include tackling low-quality imported goods, expediting free trade agreement (FTA) negotiations, aiding entrepreneurs with digital technology, and closing down the horse companies connected to horse accounts.
According to Thai News Agency, the recent discussion between Ms. Paethongtarn Shinawatra, the Prime Minister, and the Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) resulted in a white paper containing proposals to solve the country’s economic challenges. The Prime Minister’s directive to the Ministry of Commerce focuses on four critical issues: resolving low-quality imported goods, accelerating FTA negotiations, providing digital technology support to entrepreneurs, and shutting down mule c
ompanies linked to mule accounts.
Minister Naripthaphan revealed that discussions are underway between the Department of Business Development, the Anti-Money Laundering Office (AMLO), and the Ministry of Digital Economy and Society. An initial meeting is scheduled for October 31. The Department of Business Development plans to delay the registration of legal entities for individuals on the risk list and implement stricter registration measures. Those identified on the AMLO’s HR 03 list, considered high-risk for money laundering and related crimes, will be required to present themselves before the registrar.
The Prime Minister is keen on expediting measures to address substandard imported goods and illegal foreign businesses. An ‘Administration Committee for Managing the Problem of Foreign Products and Businesses that Violate the Law’ has been established to coordinate efforts among relevant agencies. The committee aims to achieve tangible results within three months, with the first meeting scheduled for Oct
ober 30.
Minister Naripthaphan also noted the acceleration of FTA negotiations with new countries and the finalization of pending agreements. The ongoing negotiations with the European Free Trade Association (EFTA) could make Thailand the first ASEAN country to have an FTA with EFTA. Other FTAs, including those with the EU, Pakistan, Bhutan, the UAE, and India, are being pursued to enhance Thailand’s economic growth.
Regarding support for entrepreneurs, the Ministry of Commerce has introduced the ‘OCS Connect’ standard export service system, employing 100% digital technology. This system streamlines services from registration to export customs procedures via the National Single Window (NSW) system, reducing time and travel expenses for entrepreneurs. The system enhances efficiency by linking relevant government agencies and supporting electronic payments.
Source: Thai News Agency