Bangkok: The Ministry of Commerce is taking proactive steps to mitigate the impact of the tariffs imposed by the Trump administration by engaging with the private sector and the Thai Chamber of Commerce. The ministry is working to expedite plans addressing issues across the entire trade spectrum, from upstream to downstream, and aims to open new markets to bolster Thailand’s global trade competitiveness.
According to Thai News Agency, the Minister of Commerce, Mr. Chatuporn Buruspat, has initiated discussions with the Thai Chamber of Commerce to address the concerns surrounding trade tariffs with the United States. These discussions, which mark Mr. Chatuporn’s first meeting since taking office, emphasized the need for comprehensive strategies to counteract the negative impacts of the tariffs and other challenges, including natural disasters affecting agricultural production.
The Ministry is committed to collaborating closely with the Chamber of Commerce to ensure that all relevant agencies work together effectively. One of the primary goals is to ensure that Thai agricultural products can reach markets efficiently despite challenges such as climate change, geopolitical tensions, and evolving global trade rules.
The Ministry of Commerce is also focusing on reducing production costs in the agricultural sector, targeting areas such as fertilizer prices, and promoting initiatives like the Green Flag program for agricultural products. The development of the Blue Flag application is another step aimed at easing the cost burden on the public.
Intensive collaboration between the Ministry and the Chamber of Commerce is expected to continue in the wake of these discussions. The Ministry plans to implement actionable items immediately, with a clear timeframe, and will seek input from other relevant agencies as needed.
Mr. Poj Aramwattananon, Chairman of the Thai Chamber of Commerce, emphasized the need for Thailand to remain resilient and adaptive in the face of global trade changes. He highlighted the importance of expediting free trade agreements (FTAs) with the European Union and other markets to maintain Thailand’s competitive edge.
The private sector, represented by the Board of Trade, is tasked with preparing for future challenges and opportunities, including the development of new markets and strategies to reduce costs. The Chamber of Commerce is preparing a comprehensive plan to submit to the Ministry of Commerce for future planning.
While the 19% tariff set by the United States presents a significant challenge, Mr. Poj noted that it is only the beginning of a longer negotiation process. The private sector, alongside government agencies, is committed to finding solutions that minimize disadvantages for Thailand relative to its regional competitors.
The Ministry of Commerce and the Chamber of Commerce are both focused on ensuring that Thailand’s trade strategies are robust and responsive to the rapidly changing global landscape. This includes prioritizing broad trade goals and accelerating actions that will enhance Thailand’s position in the global market.