Latest news with #PichaiChunhavajira
Bangkok Post
10 hours ago
- Business
- Bangkok Post
Thailand a ‘key link', minister tells US chamber
Thailand is a key link in the global economic chain, Finance Minister Pichai Chunhavajira told the US Chamber of Commerce in Washington, DC, where he is leading a Thai delegation in crucial trade negotiations. The group's first activity in the US capital on Tuesday was a meeting with the chamber, represented by Charles Freeman, senior vice-president for Asia, along with other representatives from leading US companies that have investments and operations in Thailand. According to Mr Pichai, the meeting was an important opportunity to exchange information, opinions and recommendations, particularly on trade and investment issues pertaining to US tariff policies. Discussions also addressed ways to resolve challenges and obstacles faced by the business sector, with the goal of making Thailand a more attractive investment destination. 'I told them Thailand remains fully committed to trade negotiations with the US, aiming for agreements that are a win-win for all parties,' Mr Pichai said. 'I also thanked the US chamber for its continued support, both as a platform for dialogue and a communicator to the US government regarding Thailand's importance in the global economic supply chain. 'I reassured our private sector partners the Thai government will continue advancing policies that promote trade and investment, while maintaining a transparent, business-friendly and predictable environment.' According to Mr Pichai, Thailand and the US share a common goal: a mutually beneficial economic partnership. He said he feels confident based on mutual understanding and trust that the two countries can drive sustainable growth in economic relations. Ahead of his trip to the US, Mr Pichai expressed his optimism that trade negotiations would result in a mutually beneficial agreement. He acknowledged that efforts to reduce planned 36% US tariffs on Thai goods are approaching a critical stage, with the July 8 deadline just days away. Nalinee Taveesin, president of the Thailand Trade Representatives, said there had been positive progress in the tariff negotiations. Regarding the possibility of extending the negotiation period, she said this would depend on the US. The US found Thailand's proposal interesting, she said, because the country was committed to a win-win approach in the talks. No US companies investing in Thailand have expressed concerns regarding the higher tariffs on Thai products, as all countries will encounter similar challenges even if the tariff rates differ, said Ms Nalinee. 'The majority of investors retain confident in the potential of the Thai economy and believe it has capacity for growth,' she said.
Bangkok Post
2 days ago
- Business
- Bangkok Post
Minister bullish on tariff negotiations
Deputy Prime Minister and Finance Minister Pichai Chunhavajira is optimistic that the trade negotiations with the US will result in a mutually beneficial agreement. Mr Pichai was scheduled to travel to the US Monday night to negotiate trade-related reciprocal tariff measures with US officials, which are set to take place over the next two days. He acknowledged that this issue is a concern for everyone, especially as the reciprocal tariff measures are approaching a critical stage, with the deadline anticipated to be around July 8. However, Mr Pichai emphasised that negotiations did not just begin recently, noting that discussions have been ongoing for some time, both formally and informally. Several proposals have already been submitted, and this trip is intended to finalise the remaining issues, he said. According to Mr Pichai, Thailand's approach in these negotiations is to prioritise national interests while also taking into account the constraints faced by the US, with the aim of achieving a win-win outcome that aligns with the needs of both sides. In addition to tariff-related matters, the discussions will also address non-tariff barriers, such as regulations, rules and trade-related inconveniences. This presents a good opportunity for Thailand to review and improve its regulations to facilitate smoother import and export operations, he added. According to Mr Pichai, the US Trade Representative (USTR) has held talks with many countries. However, it remains unclear how far those negotiations have progressed, and no country has yet reached a final agreement easily, despite a number of rumours. Therefore, it is believed that in the end, there may be a postponement of the implementation of the new tariff rates, he noted. Regarding Thailand, which is subject to a 36% tariff rate, it has been speculated that the actual rate may be reduced to 18%. Mr Pichai explained that this is merely an academic projection used to assess potential impacts on economic growth, and the actual rate that the US will impose on Thai goods is still unknown, pointing out that the rate could very well be lower than 18%. According to Mr Pichai, Thailand's negotiating position is that, regardless of the rate imposed by the US, the only request is that Thailand not be taxed higher than other countries in order to preserve its competitiveness. He believes that other countries likely share the same sentiment. "If Thailand cannot maintain its competitiveness, it will lead to endless problems. Forming an Asean bloc to negotiate jointly is prohibited, and currently no country has been able to easily conclude negotiations, as detailed discussions often bring new data and additional conditions," he said. A source from the Finance Ministry who requested an anonymity said Mr Pichai was to lead the Team Thailand delegation, comprising representatives from various government agencies, including the Finance Ministry, the Fiscal Policy Office, the Commerce Ministry, the Trade Negotiations Department and the Foreign Affairs Ministry, to Washington last night for the first official negotiations on tax measures between Thailand and the US. During the visit, there will be 2-3 scheduled meetings with US counterparts. One key meeting will be the Thai-US trade negotiation with USTR Jamieson Greer, scheduled for July 3 at 9pm (Thailand time). The main goal is to persuade the US to reduce the retaliatory tariff rate on Thailand from 36% to the lowest possible level.
Bangkok Post
2 days ago
- Business
- Bangkok Post
Thai-US tariff talks start on Thursday in Washington
Finance Minister Pichai Chunhavajira will meet US Trade Representative Jamieson Greer on Thursday, beginning much-anticipated tariff negotiations between Thailand and the United States. Government spokesman Jirayu Houngsub said on Monday the meeting in Washington DC was scheduled for 10am, or 9pm in Thailand. It will be the first meeting between the two countries since US President Donald Trump imposed a 36% import tariff on Thai products. He allowed a 10% charge during the interim period, which expires on July 9. The Thai delegation includes officials from the Foreign, Commerce and Finance ministries. They were to depart Thailand for Washington on Monday night. They will have meetings with other US agencies and representatives of private firms during the visit, the spokesman said. Prime Minister Paetongtarn Shinawatra had instructed the Thai negotiators to try to conclude the talks "at the appropriate time" to mitigate the impact on Thai exporters, he said. Mr Pichai, who is also a deputy prime minister, said earlier he would travel to the US for trade talks, but did not provide details.
Bangkok Post
3 days ago
- Automotive
- Bangkok Post
Thai factory output up 1.88% y/y in May on higher car output, exports
Thailand's manufacturing production index rose 1.88% in May from a year earlier, the industry ministry said on Monday, slightly higher than analysts' forecasts after increases in car production and exports, while the kingdom's current account deficit was $0.3 billion in May. The factory output figure compared with a forecast year-on-year rise of 1.80% for May in a Reuters poll. April's increase was adjusted to 1.91% from a preliminary figure of 2.17%. Uncertainties over US trade policy and high domestic household debt remain a concern, the ministry said in a statement. The ministry has forecast output growth of zero to 1% for the whole year. Thailand faces US tariffs of 36% on its exports if it fails to negotiate a reduction before a moratorium expires on July 9. Thai Finance Minister Pichai Chunhavajira said on Monday he would travel to the United States later in the day for trade talks to be held over the next two days. Commerce ministry data showed that exports, a key driver of growth, jumped 18.4% in May from a year earlier as shipments to the United States surged ahead of the end of the tariff pause. Car production in Thailand, a regional automaking centre, rose 10.32% in May from a year earlier, the first annual rise in 22 months, according to the Federation of Thai Industries. Current account Meanwhile, Thailand recorded a current account deficit of $0.3 billion in May, the central bank said on Monday. The economy in May slowed from the previous month, it said in a statement.
Business Recorder
3 days ago
- Automotive
- Business Recorder
Thai factory output up 1.88% y/y in May on higher car output, exports
BANGKOK: Thailand's manufacturing production index rose 1.88% in May from a year earlier, the industry ministry said on Monday, slightly higher than analysts' forecasts after increases in car production and exports. The figure compared with a forecast year-on-year rise of 1.80% for May in a Reuters poll. April's increase was adjusted to 1.91% from a preliminary figure of 2.17%. Uncertainties over US trade policy and high domestic household debt remain a concern, the ministry said in a statement. The ministry has forecast output growth of zero to 1% for the whole year. Thailand faces US tariffs of 36% on its exports if it fails to negotiate a reduction before a moratorium expires on July 9. Thai factory output falls for 18th consecutive month Thai Finance Minister Pichai Chunhavajira said on Monday he would travel to the United States later in the day for trade talks to be held over the next two days. Commerce ministry data showed that exports , a key driver of growth, jumped 18.4% in May from a year earlier as shipments to the United States surged ahead of the end of the tariff pause. Car production in Thailand, a regional automaking centre, rose 10.32% in May from a year earlier, the first annual rise in 22 months, according to the Federation of Thai Industries.
