Thailand urges regional collaboration to ensure economic security
ASEAN members have agreed that they should work together by leveraging their own strengths to seek the best common result in response to uncertainties surrounding the US tariff policy.
A container is unloaded from a ship onto a truck at Tanjung Priok Port in Jakarta, Indonesia, Feb 12, 2025. (Photo: chinadailyhk.com
Bangkok (VNA) – Following the April 29 cabinet meeting, Thai Prime Minister Paetongtarn Shinawatra directed key ministries to enhance economic security within the regional cooperation framework, especially ASEAN, in response to uncertainties surrounding the US tariff policy.
The PM said that leaders from some ASEAN member countries, including Malaysia and Cambodia, have discussed the issue and agreed that member states should work together by leveraging their own strengths such as natural resources, transportation network connectivity, and human resources potential to seek the best common result.
She instructed the ministries of foreign affairs, commerce, and finance, along with the US trade policy task force, to gather insights across sectors and develop measures that reflect ASEAN's collective strength.
Meanwhile, Finance Ministry Permanent Secretary Lavaron Sangsnit acknowledged that achieving Thailand's 3% GDP growth target for 2025 may be challenging due to the impact of the US tariffs. He noted that the economic tensions between the US and China are expected to have global repercussions, affecting Thailand's economy.
Lavaron also pointed out that while trade deficits are a primary concern in tariff discussions, the US considers additional factors such as foreign policy and national security. Consequently, he advocated a multi-ministerial approach to negotiations, with the Finance Minister leading the efforts.
Regarding monetary policy, Lavaron indicated that the Bank of Thailand's Monetary Policy Committee has received new data to guide interest rate decisions in response to economi🍰c fluctuations🌟. The committee is expected to lower interest rates to support economic stability./.
The ASEAN Secretariat in coordination with the Indonesian Ministry of Trade and the Australian Government launched the ASEAN Tariff Finder on August 19.
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Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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