Latest news with #KriengkraiThiennukul
Bangkok Post
13 hours ago
- Business
- Bangkok Post
FTI mobilises data from 47 industrial groups to counter US tariff hike
The Federation of Thai Industries (FTI) is compiling data from 47 industrial groups for submission to the Ministry of Finance to initiate negotiations in a bid to reduce the retaliatory tariffs and protect Thailand's competitiveness in the US market. The Federation of Thai Industries (FTI) is is gathering data from industrial groups for the Finance Ministry to negotiate lower retaliatory tariffs and protect Thailand's competitiveness in the US of Form The FTI has voiced mounting concern over the United States' imminent enforcement of reciprocal tariffs targeting 22 countries, including Thailand, beginning Aug 1. In the federation's press release on Saturday, FTI chairman Kriengkrai Thiennukul said the federation is urgently gathering data from 47 industry groups to submit to the Ministry of Finance, with the aim of initiating negotiations to reduce the retaliatory tariffs and protect Thailand's competitiveness in the US market The urgency follows recent US trade deals with Vietnam and the United Kingdom, where tariffs were cut significantly. Vietnam saw its rates lowered from 46% to 20% for direct exports, and to 40% for transhipped goods under strict Chinese-origin control. The US also slashed tariffs on UK car imports to 10% for a quota of 100,000 vehicles per year and opened its market to British agricultural goods, raising concerns that Thailand may lose its competitive edge unless it secures similar reductions. Negotiations are still underway with China, the European Union (EU) and India. China is currently under a temporary tariff truce set to expire on Aug 12. Recent high-level talks between US and Chinese trade representatives in London concluded with a revised tariff structure: the US will maintain a 55% import duty on Chinese goods, down from 145%, while China will impose a 10% duty on US imports, reduced from 125%. However, the agreement awaits formal endorsement from US President Donald Trump and China's President Xi Jingping, with no official confirmation yet from Beijing. According to the first quarter of 2025 data, exports account for over 58% of Thailand's gross domestic product (GDP), with industrial goods comprising 47%. The FTI has warned that failure to reduce tariffs could inflate export costs, erode competitiveness and undermine investor confidence. The newly announced 36% tariff on Thai goods could result in export losses estimated between 800 billion and 900 billion baht. In May 2025, Thailand recorded export growth of 18.35% year-on-year, the highest in 38 months, reaching US$31.04 billion. However, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) warned that without policy intervention, exports in the second half of the year could contract by over 10%, bringing full-year growth dangerously close to zero. Mr Kriengkrai said the FTI had discussions with the 47 industry groups and 11 clusters and is in the process of compiling detailed data. Some exporters are attempting to share the tariff burden with US importers and distributors, though this approach has not been universally accepted. He urged the government to push for a tariff reduction to 0% on thousands of affected items and to implement urgent support measures. Sectors hardest hit include machinery and components, electrical machinery—industries heavily reliant on the US market with 28–35% export share—as well as rubber, furniture, auto parts, toys, steel products, leather goods and ceramics. These are all classified as high to very-high risk under the new tariffs. To address the crisis and sustain Thailand's global competitiveness, the FTI outlined four key policy recommendations: 1. Relief measures for affected exporters • Low-interest loans or debt moratoriums. • Corporate income tax reductions for impacted exporters. • Subsidies or reductions in export-related costs such as port service fees, customs procedures, certificates of origin and utilities. • Triple tax deduction for legal expenses incurred in hiring US law firms to negotiate or research trade issues. 2. Market expansion initiatives • Accelerate negotiations of new Free Trade Agreements (FTAs). • Promote market diversification via small and medium enterprise (SME) pro-active programmes and trade missions. • Boost domestic consumption by expanding the 'Made in Thailand' (MiT) initiative: - All government agencies should prioritise MiT-certified products. - Tax incentives: Double deductions for MiT-related expenses. - MiT support enhances local content, brand strength, and allows firms to redeem rewards at year-end. 3. Promote local content usage • Enhance current Board of Investment's (BOI) incentives, including corporate tax cuts for firms using over 90% local content. • Boost productivity through technological upgrades and workforce development. 4. Exchange rate stability • Monitor and manage the baht to prevent excessive appreciation against regional currencies. 'This is an unprecedented crisis for Thailand,' said Mr Kriengkrai. 'The FTI is calling on all sectors to work together. With strong collaboration, we can transform this challenge into a turning point for national development and resilience.'
Daily News Egypt
02-07-2025
- Business
- Daily News Egypt
Thailand confirms interest in strategic cooperation with BRICS
Thailand has confirmed its interest in strategic cooperation with the BRICS countries and aims to significantly increase bilateral trade and deepen industrial cooperation with Russia, the chairman of the Federation of Thai Industries (FTI) said. Speaking in an interview at the St. Petersburg International Economic Forum (SPIEF), Kriengkrai Thiennukul highlighted the long-standing friendship between the two nations and a previously announced goal to boost trade. 'We have to sign the MOU that has been announced many years ago […]. The two organisations, the Thai-Russian Business Council and the Russian-Thai Business Council, have to boost the bilateral trade volume between two countries. We set the goal at US$10 billion because at that time the bilateral trade volume between two countries is lower than our potential,' he said. The FTI chairman underlined the importance of stepping up bilateral engagement amid global economic shifts in interview with TV BRICS. 'This is a good time for our two countries to explore more opportunities and increase exchanges – not only people-to-people and tourism, but also in trade and investment on both sides,' he said at the TV BRICS studio in the Roscongress International Cooperation Area. Commenting on Thailand's recognition as a BRICS Partner Country in 2025, Thiennukul highlighted the group's demographic and economic significance, noting that joining BRICS would open new opportunities for Thailand. He also stressed the importance of cooperation in the industrial sector, linking it to the country's economic strategy. 'This is also the strategy of the Thai people, because in Thailand, as you know, our GDP relies 60% on exports. So we are looking for new markets. This is the way forward, and we are excited about the prospect of becoming a BRICS member in the near future.'
See - Sada Elbalad
23-06-2025
- Business
- See - Sada Elbalad
Thailand confirms its interest in strategic cooperation with BRICS countries
H-Tayea Chairman of the Federation of Thai Industries (FTI), stated in an exclusive interview at the TV BRICS studio in the Roscongress International Cooperation Area at the St. Petersburg International Economic Forum ( SPIEF) 2025 that Thailand and Russia aim to increase bilateral trade and deepen industrial cooperation significantly, according to TV BRICS. He highlighted the long-standing friendship between Thailand and Russia: 'We have to sign the MOU that has been announced many years ago [...]. The two organisations, the Thai-Russian Business Council and the Russian-Thai Business Council, have to boost the bilateral trade volume between two countries. We set the goal at US$10 billion because at that time the bilateral trade volume between two countries is lower than our potential.' The FTI Chairman underlined the importance of stepping up bilateral engagement amid global economic shifts. "This is a good time for our two countries to explore more opportunities and increase exchanges – not only people-to-people and tourism, but also in trade and investment on both sides," he said. Commenting on Thailand's recognition as a BRICS Partner Country in 2025, Kriengkrai Thiennukul highlighted the group's demographic and economic significance, noting that joining BRICS would open new opportunities for Thailand. He also stressed the importance of cooperation in the industrial sector: "This is also the strategy of the Thai people, because in Thailand, as you know, our GDP relies 60% on exports. So we are looking for new markets. This is the way forward, and we are excited about the prospect of becoming a BRICS member in the near future." read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
