Trade pacts may help Thailand ease impact from protectionism
Thailand should actively join negotiations on free trade deals to offset the prospect of protectionism in global trade, according to the University of the Thai Chamber of Commerce (UTCC).
The University of the Thai Chamber of Commerce advises its government to speed up talks with Regional Comprehensive Economic Partnership (RCEP) members. (Photo: asean.org)
Bangkok(VNA) – Thailand should actively join negotiations on free trade deals tooffset the prospect of protectionism in global trade, according to theUniversity of the Thai Chamber of Commerce (UTCC).
The universityadvised its government to speed up talks with Regional Comprehensive EconomicPartnership (RCEP) members and seek to resume negotiations for a free trade agreementwith the United States, Thailand’s top trade partner.
A UTCC study foundthat the value of Thai exports to the US could increase by 17.24 billion THB ayear under US President Trump’s policies.
“With the US economyexpected to grow by 0.8 percent under Trump’s economic stimulus package, Thai shipmentsto the US could increase by an average of 17.24 THB billion a year”, Aat Pisanwanich,director of the UTCC’s Centre for International Trade Studies, was quoted byThe Nation, a Bangkok-based daily newspaper, as saying.
“But it does nottake into account risk factors about the certainty in oil prices and exchangerates, which could affect the export value, while rising non-tariff barrierscould affect long-term trade growth to the US”, he added.
On the other hand,Thai trade with China could shrink under the impact of higher tariff andnon-tariff barriers as Trump stated he would impose import tariffs of up to 45percent against Chinese goods, the study suggested.
Under such a policy,Chinese exports to the US could drop by 1.7 trillion THB, or 11.4 percent.
This would harm Thailandas China is a major export market for Thai products. With the Chinese yuanexpected to rise in response to US pressure, this could also affect Thaiexports.
If the yuanstrengthens by five percent, the value of exports to China could fall by 7.5billion THB. If the Chinese currency gains 10 percent, export value could dropby 10.45 billion THB.-VNA
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The University of the Thai Chamber of Commerce advises its government to speed up talks with Regional Comprehensive Economic Partnership (RCEP) members. (Photo: asean.org) 
