Bangkok (VNA) - Thailand has formulated a five-pronged approach for forthcoming trade negotiations with the US, aiming to mitigate potential tariff impacts and enhance bilateral economic ties.
Deputy Prime Minister and Minister of Finance Pichai Chunhavajira detailed the strategy, which includes restructuring the agricultural processing sector to address domestic supply shortages and identify areas where US imports can complement Thailand's production chains. The plan also involves reviewing import tariffs and managing quotas to protect local industries.
Efforts to streamline domestic mechanisms are underway, focusing on reducing regulatory burdens and simplifying import procedures to tackle non-tariff barriers.
Additionally, measures will be implemented to verify the origin of imports, preventing third-country goods from using Thailand as a conduit to circumvent US tariffs.
The strategy further emphasises restructuring investment approaches, particularly in sectors like energy and petrochemicals, to address raw material shortages. Thailand aims to encourage capable domestic companies to expand investments in the US.
Prime Minister Paetongtarn Shinawatra expressed confidence in Thailand's readiness for the negotiations, following positive signals from Washington.
Government spokesman Jirayu Houngsub noted that US Treasury Secretary Scott Bessent acknowledged Thailand's innovative proposals and constructive engagement.
The Thai delegation is preparing for discussions with US counterparts to address trade imbalances and foster a mutually beneficial economic partnership./.
