Bangkok: Private sector suggests government speed up deal with US, turn crisis into opportunity, support agricultural and industrial sectors. In the seminar ‘Krungthep Turakij Roundtable: The Art of The (Re)Deal’, Mr. Ratthavit Piyapramote, Inspector General of the Ministry of Commerce, discussed the challenging negotiations between Thailand and the United States regarding recently imposed US retaliatory tariffs on trading partners, known as Reciprocal Tariffs. He acknowledged the difficulty of these negotiations and emphasized the hard work of the Thai negotiation team. Mr. Pichai Chunhavajira, Deputy Prime Minister and Minister of Finance, has been involving both the private and agricultural sectors in ongoing discussions to find a balanced resolution that benefits all parties involved.
According to Thai News Agency, recent negotiations have been successfully concluded with Vietnam and the United Kingdom, highlighting the complexities and necessary caution in such international dealings. The private sector is advocating for government support through measures such as soft loans, marketing initiatives, new market exploration, product development, value-added strategies, food safety, and free trade agreements (FTAs). Notably, Thailand has signed an FTA with the European Free Trade Association (EFTA), marking its first FTA with a European group, underscoring the importance of such agreements in the current geopolitical landscape.
Mr. Jiraphan Asvatanakul, Vice Chairman of the Thai Chamber of Commerce, noted the significance of addressing counterfeiting issues, a major concern for the United States, and emphasized the importance of strict inspections and infrastructure development to attract investors. He stressed the need to prioritize the agricultural sector by managing interest rates and the value of the baht, proposing that the government turn the crisis into an opportunity for sustainable economic development.
Mr. Nawa Chantanasurakon, Vice President of the Federation of Thai Industries, urged the government to adopt protective measures such as subsidies and soft loans for the industrial sector, warning that failing to do so could lead to layoffs. He highlighted the importance of government involvement in economic recovery and suggested revisiting policies like the minimum wage increase to mitigate impacts on business operators.
Mr. Thanakorn Kaset Suwan, Chairman of the Thai National Shippers’ Council (TNSC), warned that without competitive support for the industry, the Thai economy could suffer significantly. He highlighted the geopolitical tensions between the US and China, suggesting that Thailand should align itself strategically. He called for a review of policies affecting competition, such as minimum wage and interest rates, and advocated for the digitalization of trade procedures.
Dr. Samphan Silpanat, President of the Electronic and Computer Employers Association and Vice President of the Thai Semiconductor Association, addressed the challenges faced by the electronics and semiconductor sectors due to increased import and export taxes. He emphasized the necessity of turning crises into opportunities, with a focus on technological advancements for long-term national positioning. He advocated for immediate government support for affected sectors while ensuring the country’s technological future is secured.