Thailand to Join Talks on U.S.-led Trade Pact

Date:

Thailand is set to join talks on a multilateral trade agreement proposed by the United States, known as the Indo-Pacific Economic Framework for Prosperity (IPEF).

The decision will allow Thailand to join other nations that have expressed an interest in negotiating rules and procedures for the IPEF. Some ASEAN members – such as Singapore, Malaysia, the Philippines, Vietnam and Indonesia – have already indicated their intentions to become IPEF founding members.

On Friday (20 May), Thai Deputy Prime Minister and Commerce Minister Jurin Laksanawisit met with U.S. Trade Representative (USTR) Katherine Tai on the sidelines of the APEC Ministers Responsible for Trade (MRT) meeting in Bangkok.

According to Jurin, the U.S. asked Thailand to support the IPEF, which will be announced in France next month. He said he told Tai that the Cabinet on Tuesday agreed on a statement on the IPEF, which is not legally binding but expresses the kingdom’s intention to join the talks.

The Cabinet also explained that the talks on the IPEF will focus on promoting regional economic security and sustainable development, with priorities that include trade, production chain resilience, clean energy, reduction of carbon dioxide, infrastructure, taxation and combating corruption.

Thailand has seven free trade agreements. The latest and largest is the Regional Comprehensive Economic Partnership (RCEP), which was signed in 2021 and took effect in January of this year.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Thai Army Controversy: Conscript Salary Deductions Spark Uproar

Amidst a flurry of controversy, the Royal Thai Army...

TCEB Boosts MICE Sector with Four Major Projects

Hua Hin stands to benefit from flow on effect...

Thai Mango Sticky Rice Ranked 2nd Best Mango Dish

Prime Minister Srettha Thavisin has commended the global recognition...

TCEB Boosts MICE Industry in Thailand for 2024

The Thailand Convention and Exhibition Bureau (TCEB) has launched...