A worker at an automobile factory in Thailand (Source: Reuters)
The private business sector in Thailand has urged the Government to consider joining the Trans-Pacific Partnership (TPP) agreement to ensure Thailand’s competitiveness globally.
The sector made the appeal on October 6, one day after 12 countries bordering the Pacific Ocean concluded the TPP negotiations to create the world’s largest free trade area.
After a monthly meeting of the joint standing committee comprising the Board of Trade, the Federation of Thai Industries (FTI) and the Thai Bankers’ Association (TBA), the meeting’s chairman – Isara Vongkusolkit – said private enterprises expressed concern over the TPP deal since it could affect Thailand’s competitiveness in the future.
The joint standing committee suggested that the Government should urgently consider joining the pact while moving ahead with the free trade talks with the European Union.
He said Thai private firms will set up a working committee to study the impacts and benefits of the TPP and other free trade agreements for the Government’s consideration soon.
FTI Chairman Supant Mongkolsuthree said Thailand’s industrial sector is highly concerned about Thai companies’ competitiveness as four other ASEAN states (Vietnam, Malaysia, Singapore and Brunei) have joined the TPP.
TBA Chairman Boontuck Wungcharoen said the country needs to move on with free trade talks to increase its competitiveness and emphasised its position as ASEAN’s centre.
The Thai Ministry of Commerce said the Government is interested in joining the TPP but needs to study the pact carefully before proposing it to the parliament.
The TPP brings together 12 countries, which are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam.
After the signing, the document must receive approval from member countries’ governments and parliaments before taking effect.
Once realised, the TPP will become a free trade region of 800 million people, accounting for 30 percent of global trade and about 40 percent of the world’s economy.-VNA
