Hanoi (VNA) – Thailand's Ministry of Foreign Affairs has announced its strategy for economic diplomacy, designed to navigate global trade volatility and shield its export-dependent economy from rising trade protectionism.
At a meeting with private sector leaders, including the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB), the Thai Chamber of Commerce (TCC), the Federation of Thai Industries (FTI), and the Thai Bankers' Association (TBA),
Foreign Minister Sihasak Phuangketkeow emphasised the importance of economic diplomacy in promoting Thailand's economic growth amidst global economic challenges and rising geopolitical tensions.
The official outlined three key strategic priorities, which centres on building confidence in the Thai economy, enhancing competitiveness for local businesses, and expanding cooperation with international partners.
He also pointed out three target-market strategies for Thailand’s economic diplomacy, including key markets - the US and the European Union (EU) - where efforts will focus on accelerating trade negotiations, particularly the Free Trade Agreement (FTA) with the EU; emerging markets - the Middle East and Kazakhstan, aiming to expand trade relations; and new markets - Africa and Latin America, with a focus on infrastructure and development projects.
The Thai FM pledged to pursue a serious approach to economic diplomacy, stressing that collaboration between the government and the private sector is essential for forming a strategy that takes into account geopolitical volatility, geoeconomic and technological competition./.
