Bangkok: Sihasak Phuangketkaew, the Foreign Minister of Thailand, clarified that the Memorandum of Understanding (MOU) on rare earth minerals signed between Thailand and the United States is not legally binding, but serves as a framework for cooperation. The agreement aims to support sustainable Thai economic growth through technology transfer and potential import tax reductions.

According to Thai News Agency, the MOU does not affect Thai sovereignty and will provide benefits such as technology transfer, investment promotion, and the development of new industries. This includes the supply chain for critical minerals essential for producing semiconductors and other technologies. The initiative is seen as a significant step towards establishing a new economic base for Thailand, facilitating the transition to a high-tech era, and attracting foreign investment in domestic industries without compromising Thailand’s laws and environmental protections.

Additionally, the Prime Minister of Thailand hopes for U.S. support in negotiating import tariff adjustments to promote fair trade practices and protect Thailand’s export sector. The cooperation is expected to contribute to stable and sustainable growth for the Thai economy in the long term.