Representatives of Thailand’s banking, trade and production have convened for a meeting to discuss issues related to trade with the US, after a list of 16 countries and territories running a large trade surplus with the US was announced.
|Inside a rice packing factory in Bangkok, Thailand (Photo: AFP)|
Thai exporters must get ready for all of the US’ policies, including raising import tax and imposing non-tariff barriers on Thai goods, said Chen Namchaisiri, Chairperson of the Federation of Thai Industries, adding that they need to seek new markets.
According to experts, the Thai government has taken measures to ensure intelligence property and anti-labour abuse, which will help the Southeast Asian nation avoid the US’s trade policy.
Previously, on April 3, the first meeting under President Donald Trump’s administration was held to boost bilateral trade ties between the two countries.
During the meeting, the two sides agreed on a road map to establish a strategic economic partnership.
On January 31, President Trump signed two decrees on trade to address the country’s huge trade deficit. The decrees asked to figure out causes of the trade imbalance within 90 days, focusing on 15 trade partners that have trade surplus deficit with the US in 2016, including Thailand.
Thailand enjoyed a trade surplus of about 19 billion USD with the US last year, putting it on the 11th place in the list.-