Ministry Requests US to Reconsider Tariffs on Thai Products

In a recent briefing, Deputy Prime Minister Phumtham discussed a meeting with US Ambassador Robert F. Godec at the ministry’s headquarters in Bangkok. He emphasized the mutual benefits for both Thailand and the US if the Generalized System of Preferences (GSP) privileges were reinstated. The US had previously suspended GSP tariff privileges for 573 Thai products in April 2020. This suspension led to an imposition of an average tariff of 4.7% on these products, replacing the prior 0% rate.

Phumtham also appealed to the US to remove Thailand from its watch list for intellectual property (IP) infringements, highlighting the Thai government’s ongoing efforts to strengthen IP protection and address related concerns. During the briefing, the Commerce Minister outlined the Thai government’s strategies for economic improvement. These policies aim to reduce financial burdens on the populace, increase revenues, and establish economic equilibrium benefiting various groups, including farmers, manufacturers, and consumers.

Key initiatives include the introduction of a digital wallet scheme and measures to boost exports. The minister also mentioned efforts to support micro, small, and medium enterprises, pursue more free-trade agreements, and remove trade barriers with partners. Phumtham expressed Thailand’s readiness to become a significant trade partner with the US in advanced industries and various supply chains. These include sectors like digital technology, artificial intelligence, electronics, semiconductors, electric vehicles, clean energy, aviation, and pharmaceuticals.

In 2022, the United States was Thailand’s second-largest trading partner after China, with a total trade volume of $65.27 billion, and the largest export market for Thailand. Thai exports to the US amounted to $47.53 billion, encompassing a diverse range of products. The US stood as Thailand’s third-largest source of imports in 2022, valued at $17.74 billion, including items such as crude oil, machinery components, chemicals, printed circuit boards, and aviation components.

In a recent briefing, Deputy Prime Minister Phumtham discussed a meeting with US Ambassador Robert F. Godec at the ministry’s headquarters in Bangkok. He emphasized the mutual benefits for both Thailand and the US if the Generalized System of Preferences (GSP) privileges were reinstated. The US had previously suspended GSP tariff privileges for 573 Thai products in April 2020. This suspension led to an imposition of an average tariff of 4.7% on these products, replacing the prior 0% rate.

Phumtham also appealed to the US to remove Thailand from its watch list for intellectual property (IP) infringements, highlighting the Thai government’s ongoing efforts to strengthen IP protection and address related concerns. During the briefing, the Commerce Minister outlined the Thai government’s strategies for economic improvement. These policies aim to reduce financial burdens on the populace, increase revenues, and establish economic equilibrium benefiting various groups, including farmers, manufacturers, and consumers.

Key initiatives include the introduction of a digital wallet scheme and measures to boost exports. The minister also mentioned efforts to support micro, small, and medium enterprises, pursue more free-trade agreements, and remove trade barriers with partners. Phumtham expressed Thailand’s readiness to become a significant trade partner with the US in advanced industries and various supply chains. These include sectors like digital technology, artificial intelligence, electronics, semiconductors, electric vehicles, clean energy, aviation, and pharmaceuticals.

In 2022, the United States was Thailand’s second-largest trading partner after China, with a total trade volume of $65.27 billion, and the largest export market for Thailand. Thai exports to the US amounted to $47.53 billion, encompassing a diverse range of products. The US stood as Thailand’s third-largest source of imports in 2022, valued at $17.74 billion, including items such as crude oil, machinery components, chemicals, printed circuit boards, and aviation components.