Thailand responds to US over trade deficit concerns
Thailand on May 11 sent a document to the US saying that the country’s trade surplus with the US is based on differences in economic structure, not from discrimination or unfair policies.
Illustrative image (Photo: bangkokpost.com)Bangkok (VNA) – Thailand’s Ministry of Commerce on May 11 sent a document to the US saying that the country’s trade surplus with the US is based on differences in economic structure, not from discrimination or unfair policies.
The ministry’s spokesman Pimchanok Vonkorpon said that the Cabinet approved Thailand’s draft clarification letter at its meeting on May 9.
According to the letter, US exports to Thailand have not expanded at a high level as the US does not have a free trade agreement with Thailand, while US direct investment in Thailand has slowed down.
The Thai products that the US imports help develop the American economy, the ministry argues. They include intermediate products for value to be added by US advanced technology and agricultural materials.
Thailand has also invested more in the US, generating jobs for tens of thousands of Americans, while many US firms invest and operate in Thailand.
Thailand is the regional export base for US firms and links up with US value chains in the Asia-Pacific region.
Thai exports to the US reflect structural differences and mutual dependence between the Thai and US economies, the ministry said.
The letter also explained that Thailand’s trade policies adhere to the World Trade Organisation’s commitments and the Thailand-US framework agreement on trade and investment.
On January 31, the US President signed two decrees aimed at correcting the country’s trade deficit with 13 economies. They are in descending order Canada, China, the European Union, India, Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, Switzerland, Taiwan (China), Thailand and Vietnam. The documents require analytical reports on the cause of the trade deficits and response from related trade partners. -VNA
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