4 days ago
Private sector highlights business support measures
The Federation of Thai Industries (FTI) has presented recommendations to the commerce minister aimed at pushing the economy forward amid global trade uncertainties.
During a meeting on Thursday, the Commerce Ministry's executive team led by Commerce Minister Jatuporn Buruspat and Deputy Commerce Minister Chantawit Tantasith discussed proposals presented by the FTI and chairman Kriengkrai Thiennukul.
The meeting explored collaborative strategies between the government and the private sector to stimulate economic growth and address the rapidly changing trade situation, such as US tariffs, the European Union's carbon border adjustment mechanism, geopolitical tensions, rising production costs and the impacts of climate change.
Mr Jatuporn said the ministry and the FTI are planning to issue a joint declaration on cooperation to systematically address challenges faced by businesses, with progress reviewed every 10 days.
He said most of the FTI's proposals align with the ministry's urgent policies and will be implemented to help revive Thailand's economy.
The focus is on grassroots economic development, leveraging soft power and expanding opportunities for all sectors, said Mr Jatuporn.
Mr Kriengkrai outlined five economic and business support measures, including advocating for relief measures to support businesses affected by US tariffs, such as government assistance for legal and expert aid for small and medium-sized enterprises (SMEs) and reductions in related business costs such as certificate of origin fees.
The private sector called on the government to accelerate tariff negotiations with the US, particularly regarding Section 232, which imposes high duties on key products such as steel, aluminium, vehicles and auto parts.
The FTI recommended the government take proactive measures to mitigate trade diversion effects by initiating trade remedy actions rather than waiting for complaints from the private sector.
All trade tools should be fully utilised, including anti-dumping, safeguards and countervailing duties, while monitoring unusual import surges under the Export and Import of Goods Act.
The federation urged the government to explore new markets for Thai industries by expediting negotiations for new free trade agreements, such as the Thailand–Eurasian Economic Union agreement, supporting the SME proactive programme and trade missions, and increasing government procurement of made-in-Thailand products.
Lastly, the FTI promoted the establishment of a long-term border trade ecosystem, calling for integrated infrastructure development and streamlined procedures to support comprehensive and sustainable border trade facilitation.
