Bangkok (VNA) - The Federation of Thai Industries (FTI) has called for thorough preparations to address potential trade challenges resulting from the US’s policy changes.
FTI chairman Kriengkrai Thiennukul on January 20 cited the International Monetary Fund’s projections of US tariff increases of 10-20% on trading partners, with China possibly facing hikes of 60-100%.
To strengthen Thailand’s export sector, the federation has proposed two key strategies, including the establishment of a “war room” of skilled lobbyists to help navigate US trade policies and mitigate their impact on exports, and the diversification of export markets to reduce reliance on the US.
The Thai Industry Sentiment Index (TISI) fell to 90.1 in December last year from 91.4 in November, reflecting concerns over several factors, including reduced manufacturing due to long holidays, the ongoing flood crisis in the South and rising prices of agricultural goods that have negatively affected food processing industries.
The FTI has made several recommendations for government action, including support measures for small- and medium-sized enterprises affected by the minimum wage increases, the introduction of energy conservation initiatives, the acceleration of negotiations on trade agreements – especially with the European Union – and the development of comprehensive strategies to effectively respond to US trade policies./.
