Jeju: Mr. Pichai Naripthaphan, Minister of Commerce, revealed that on May 15, he attended the ASEAN Ministerial Caucus, which was held in conjunction with the APEC Ministers Responsible for Trade (MRT) meeting in Jeju, Republic of Korea, together with economic ministers from ASEAN member countries in APEC, such as Malaysia, Singapore, Vietnam, the Philippines, Indonesia, and Brunei, to discuss the volatile global economic situation, exchange ideas on trade cooperation in the region, and strengthen relations with the United States during a period of global economic uncertainty.
According to Thai News Agency, Mr. Pichai revealed that the meeting confirmed ASEAN’s shared position in supporting a free trade system that is open, fair and based on international rules, and called for avoidance of trade barriers and seized the opportunity of the US’s temporary suspension of tariffs for 90 days as a starting point for constructive negotiations to resolve the trade dispute.
ASEAN Ministers also agreed that regional u
nity and timely response to global economic fluctuations are key factors enabling ASEAN to continue playing a prominent role on the global stage, and will accelerate the development of proactive cooperation, such as upgrading the ASEAN Trade in Goods Agreement (ATIGA) to keep up with the new economic context, and emphasize the importance of the multilateral trading system in building long-term economic stability.
The Thai government has given importance to maintaining domestic economic stability, along with taking care of entrepreneurs affected by the international situation, especially SMEs, which are vulnerable groups, through short-term and long-term support measures, such as low-interest loans, knowledge development, and promotion of export market expansion under free trade agreements (FTAs), especially the Regional Comprehensive Economic Partnership (RCEP).
Today, ASEAN is the world’s fifth largest economy, with a combined population of approximately 680 million people (8.5% of the world’s population)
and a combined nominal GDP of approximately 3.9 trillion US dollars, reflecting the region’s potential and important role in the modern global economy.
