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New US President seen as positive for Thai-US trade


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New US President seen as positive for Thai-US trade

 

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The Department of International Trade Promotion (DITP) has assessed that the commerce policies of new US President Joseph Biden will boost trade between Thailand the United States, noting that the new leader’s decision to maintain his predecessor’s policies towards China will allow Thailand to continue to supply certain goods and will likely increase Thai exports to the US by 4 percent this year.

 

DITP Director-General Somdet Susomboon has assessed the policies of President Biden and foresees them as being positive for the United States’ relations with Asia, creating opportunities for trade and investment avenues for Thai businesses in the US. In particular, highly controlled goods and products, where Thailand’s competitiveness has been reduced, can be sold to the United States. He noted that the president’s decision not to lift tariffs yet on Chinese goods will allow Thailand to continue being a preferred source.

 

The director-general, nonetheless, acknowledged that there is a risk that the US will increase its dependence on domestically made goods and move away from tax based measures. Automotive products could be affected by the country’s environmental and electric automobile policies and production bases could be moved out of Thailand, now that the US trade war has alleviated. The agency is also keeping an eye on US fiscal policies, which could affect the Baht.

 

Regardless, the DITP chief stated that the Ministry of Commerce is to continue expanding Thai exports to the United States, aiming for 4 percent growth this year. High potential items include pre-cooked food, supplements, household items and COVID-19 prevention items. The ministry is to focus on organizing sales activities and promotions via social media, with plans to stage an online product fair. The office will emphasize the creation of opportunities for Thai manufacturers online and will be launching the TOPTHAI Store on Amazon.com while introducing products to ThaiTradeUSA.com.

 

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-- © Copyright NNT 2021-01-21
 
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Thailand hopes for 4% growth in US exports this year: DITP

By The Nation

 

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Department of International Trade Promotion (DITP) director-general Somdet Susomboon

 

Thailand is targeting a 4 per cent growth in exports to the US this year, Department of International Trade Promotion (DITP) director-general Somdet Susomboon said.

 

Products with good growth potential include supplementary food, medical products and goods that can be used to work from home.

 

He added that US President Joe Biden’s trade policy is to not just lower dependence on foreign goods and strengthen domestic industries, but also to lure companies to bring their manufacturing facilities back to the US.

 

Thailand should closely monitor Biden’s fiscal and monetary policies, which will have an impact on the baht, he said.

 

Source: https://www.nationthailand.com/business/30401606

 

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-- © Copyright The Nation Thailand 2021-01-22
 
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On 1/21/2021 at 5:54 PM, snoop1130 said:

He noted that the president’s decision not to lift tariffs yet on Chinese goods will allow Thailand to continue being a preferred source.

 

Not if it means that Thailand is going to allow Chinese companies to set themselves up in Thailand to launder services and products going to the US. Which is what the Thai government was expressly announcing as its intent a year ago. 

Edited by John Drake
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3 hours ago, TooPoopedToPop said:

Putting Hunter on a retainer as a consultant would be a good first step.

Yes. It would appear the Bidens have a lot in common with tge Thai way of doing business. Good for tge Soapy massages and the brown envelope manufacturers.

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On 1/21/2021 at 5:54 PM, snoop1130 said:

The director-general, nonetheless, acknowledged that there is a risk that the US will increase its dependence on domestically made goods and move away from tax based measures

Every country should attempt to develop local commerce. I would prefer to have a shoe repaired by a local artisan than throw it away and replace it at Walmart.

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How odd that someone saw a positive future.

 

When I looked in my crystal ball, I saw nothing but devastation and a vision of Prayuth/Prawit (and someone else whom I did not know) trying to put a positive spin on what was essentially the ninth circle of foreign trade hell.

 

Most peculiar.

 

 

Edited by Glaswegian2
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