BANGKOK, Thailand – Pichai Naripthaphan, Minister of Commerce, on September 17, presided over the ceremony, awarding 40 outstanding trade associations for their achievements in 2024. During his keynote address on “Thailand’s Trade and Export Strategy,” Pichai emphasized the rapid changes in the world and the necessity for Thailand to adapt. He outlined ten key concerns, including the misuse of AI, extreme weather conditions, global political divisions, rising cyber security issues, widening international conflicts, economic opportunities, inflation, forced migration, economic downturns, and pollution. He stressed the need for Thailand’s economy to grow despite global economic challenges, with global GDP growth projected to be only 2% this year.
Pichai introduced 10 key policies from the Ministry of Commerce to rejuvenate the Thai economy. These policies aim to reduce expenses, increase income, balance the interests of consumers, farmers, and businesses, modernize trade laws, boost online commerce, drive grassroots economic development, and promote positive export growth. Pichai noted that exports had grown 3.8% in the first seven to eight months of 2024 but highlighted the need for continued expansion. He also mentioned efforts to expedite Free Trade Agreement (FTA) negotiations and promote eco-friendly products, such as carbon credit trading.
One significant event, the International Live Commerce Expo 2024, will take place from September 25–29, with Chinese influencers set to promote Thai products via livestream. Pichai emphasized the importance of maintaining product standards, such as obtaining Thai Industrial Standards (TISI) and FDA approval, and fostering good relationships with global trade partners, including China, the U.S., and India.
Pichai also revealed plans to meet with Bank of Thailand Governor Sethaput Suthiwartnarueput to discuss reducing interest rates, given declining inflation, and addressing the rapid appreciation of the Thai baht, which recently strengthened by 5–6% in just one month. This appreciation has impacted exporters, and Pichai highlighted the need to inject liquidity into the economy.
Meanwhile, Thai Chamber of Commerce President Sanan Angubolkul expressed support for the government’s policies and stressed the importance of swift budget disbursement for 2024–2025 to ensure the funds reach all regions. He agreed with the government’s plans to provide financial aid to vulnerable groups, expecting the distribution to commence in September 2024, with a budget of 145 billion baht. Sanan believes this initiative will benefit locally produced goods, boosting Thailand’s GDP by 0.2–0.3%.
Additionally, Sanan highlighted the urgent need to address the influx of low-quality products into the Thai market and urged discussions with Chinese authorities to ensure that imported products meet Thai standards, such as TISI and FDA requirements. He also called for stricter enforcement by Thai Customs to prevent the influx of substandard goods and advocated for foreign online platforms to pay both VAT and income taxes to ensure proper tax collection.
The Chamber also called for regulating foreign payment systems that have facilitated significant capital outflows, urging the Bank of Thailand to bring these systems under proper supervision. Sanan emphasized the importance of promoting the use of local content and Thai components in the manufacturing process. (TNA)
