Bangkok (VNA)💛 - Thailand expects to reduce its trade surplus with the US by as much as 15 billion USD a year, or one-third, with its recent initiatives to prevent the misuse of origin rules for exports, according to Thai Deputy Prime Minister and Finance Minister Pichai Chunhavajira.
The Thai government is committed to translating a number of anti-trade circumvention policies into action to ensure Thailand establishes a long-term, fair and balanced partnership in trade and investment with the US, Pichai said at an American Chamber of Commerce conference in Bangkok on May 20.
The cut would represent about a third of Thailand’s outstanding 46-billion USD trade surplus with the US last year.
Thailand has submitted a framework of proposals to the Trump administration to kickstart official negotiations to avert a 36% tariff on its goods, which could take effect in early July if no agreement is reached.
The Thai offers, including steps to tackle trade rerouting by Chinese businesses, lowering of tariff and non-tariff barriers and ramp-up in investment, could be beneficial to both the nations, he said.
According to Nalinee Taveesin, President of the Thailand Trade Representatives, Thai firms could invest at least 2 billion USD in the US soon. The Southeast Asian nation has also expressed interest in joining a massive gas pipeline project in Alaska backed by President Donald Trump./.
One key measure to support Thai entrepreneurs is an increase in the corporate income tax (CIT) benefits granted to BOI-promoted SMEs, which will now receive a five-year CIT exemption equal to as much as 100% of their investment in enhancing their capabilities and improvements, up from the previous three-year CIT exemption capped at 50% of investment.
Elevating the partnership was among the key issues discussed and agreed upon at the first high-level meeting under the Leaders' Consultation framework during President Prabowo's visit to Thailand.
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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.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
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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.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
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PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
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