Bangkok: The Thai Chamber of Commerce praised Team Thailand for their successful negotiations, which led to the establishment of a 19% US tariff rate for Thailand, aligning it with neighboring countries.

According to Thai News Agency, Dr. Poj Aramwattananon, Chairman of the Thai Chamber of Commerce and Board of Trade of Thailand, expressed deep appreciation for Team Thailand's efforts in securing a "reciprocal tariff" agreement with the United States. This agreement sets Thailand's tariff rate at 19%, comparable to those imposed on ASEAN countries like Indonesia and Vietnam, which face rates of 19% and 20% respectively.

Despite the new rate being higher than the previous baseline of 10%, it marks a significant achievement, given earlier reports suggesting potential tariffs as high as 36%. The reduction to 19% illustrates the negotiating team's determination, strategic insight, and proactive approach within a limited timeframe.

The Thai Chamber of Commerce maintains confidence in Thailand's competitiveness within the region, due to similar tariff rates as other ASEAN countries. Nonetheless, the Chamber urges the government to implement supportive measures to assist Thai entrepreneurs in expanding into new markets. Preparations for increased US tariffs should include measures in technology, finance, marketing, and trade innovation. Additionally, attention should be given to the US's 40% "transshipment rate" for all countries and the creation of contingency plans for US imports.

The Chamber remains optimistic that ongoing negotiations will further refine the terms and conditions, benefiting Thai businesses. Team Thailand is encouraged to continue its efforts for the advancement of Thailand's trade interests.

The Chamber extends gratitude to all members of the Thai negotiating teams for their dedication in safeguarding Thailand's interests. It calls on the private sector to support the government during this transition, aiming to maximize international trade potential.