Thailand’s Ministry of Commerce is formulating its official response to a five-point trade proposal from the United States following virtual negotiations aimed at balancing bilateral commerce.
Permanent Secretary of the Ministry of Commerce, Vuttikrai Leewiraphan, led the Thai delegation in a video conference with the Office of the United States Trade Representative (USTR) on Wednesday. During the meeting, the U.S. presented five main proposals to address the trade balance between the two nations.
The U.S. proposal covers measures related to tariffs and quotas. It also addresses non-tariff barriers and the management of digital trade data. The final two points concern rules of origin for products and measures for economic and national security.
The USTR has requested that Thailand submit its preliminary response based on this five-point framework by tomorrow.
Permanent Secretary Vuttikrai expressed confidence that the discussions and Thailand’s counter-proposal will yield positive results. He noted that Thailand has already made initial offers, including reducing import tariffs on certain goods and purchasing Boeing aircraft and military equipment from the U.S.
The Permanent Secretary believes Thailand’s formal proposal will be substantial enough for the U.S. to consider further detailed negotiations. He hopes for a tariff rate not exceeding 10 percent and suggested that the U.S. might extend the negotiation period if an agreement is not reached by the July 8th deadline.
Vuttikrai affirmed that Thailand’s position in the negotiations will not create a trade disadvantage. Instead, it is intended to help restructure the nation’s economy. Representatives from several government bodies, including the ministries of finance, agriculture, and foreign affairs, also participated in the meeting.
Source: Pattaya Mail
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
