Bangkok: Thailand aims to foster a balanced and fair trading relationship with the United States, Finance Minister Pichai Chunhavajira said during a Thai-U.S. investment forum on Tuesday. His remarks come as the Southeast Asian nation seeks urgent dialogue with Washington to avert the imposition of a 36% U.S. tariff set to take effect if no agreement is reached before a current moratorium expires in July. Under the moratorium, most countries face only a 10% tariff.
Highlighting the importance of collaboration, Pichai emphasized Thailand’s interest in strengthening partnerships in green energy and biotechnology, as well as in food processing and wellness industries. He noted that the country is actively seeking American partners to support its sustainable development goals.
Thailand has already submitted a proposal to U.S. authorities to address ongoing trade concerns. The proposal includes initiatives to improve market access for American products, combat transshipment violations, and promote Thai investments that would generate employment in the United States.
Also Read | Kallas Hopes EU Reaches Consensus on Lifting Syria Economic Sanctions
“On enforcing anti-circumvention, these policies are being translated to action now,” Pichai said, referring to measures against the mislabeling of goods from other countries as Thai exports.
He projected that the proposed initiatives could reduce the U.S. trade deficit with Thailand by as much as $15 billion, though he did not specify a timeline for achieving this reduction.
Also Read | New Japan Theme Park Looks to Ride Tourism Wave and Expand Across Asia
“I am positive that we have a strong set of practical and viable proposals that can effectively lead to win-win results,” he said.
The United States was Thailand’s largest export destination in the previous year, accounting for 18.3% of Thailand’s total exports, valued at approximately $55 billion. According to U.S. data, the trade deficit with Thailand stands at $45.6 billion.
