In the 2014-2024 period, two-way trade turnover more than tripled, soaring from $3.3 billion to $10.1 billion, with an average annual growth rate of nearly 12%.
The Executive Order issued on July 31 further modified the US reciprocal tariffs and imposed a more uniform tariff at 19% to 20% for six of the 10 ASEAN countries: the Philippines, Indonesia, Malaysia, Thailand, Vietnam, and Cambodia.
Team Thailand has successfully negotiated a reduction in the US reciprocal tariff from 36% to 19%, which officially took effect at midnight on August 6.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
Indian exporters of agri, pharma, vehicles etc have not been able to take advantage of lower duties offered under the pact, notes study.
The Philippines secured a less favorable tariff deal with the United States than Indonesia and Vietnam, underscoring a long-standing trend of the country reaping little from its special relationship with its American ally, according to a new report by the Philippine Institute for Development Studies (PIDS).
A steeper 19 per cent United States tariff on Malaysian goods, compared with 10 per cent for Singapore, could raise export costs and slow the movement of certain commodities through Malaysia's trade routes, industry players said.
In a briefing last week by Joey Salceda, chair of the Institute for Risk and Strategic Studies Inc. (also known as Salceda Research), with members of the Monday Circle, he described President Marcos’ one percentage point reduction in the US tariff from 20 percent to 19 percent as “much ado about nothing.”
<p>Time: November 2025<br /> By: WTO and International Trade Group, Legal Department – VCCI</p>
