DPM Somkid delivers new foreign trade policy

[rooster59]

DPM Somkid delivers new foreign trade policy

Tanakorn Sangiam

 

 

BANGKOK, 1 June 2019 (NNT) - The ongoing trade war between the U.S. and China has affected global trading requiring new measures in response. The Deputy Prime Minister Somkid Jatusripitak has called a meeting with Thai commercial attaches around the world emphasising the importance of new export markets substituting for those affected by the trade war, while overall exports this year are still expected to achieve 3% growth.

 

Deputy Prime Minister Somkid Jatusripitak has chaired a meeting delivering policies to directors of Thailand’s International Trade Promotion offices in 53 foreign cities around the world, as are delegates from private companies regarding the search for new export markets. The current export markets for Thai products are being affected by the trade war between the U.S. and China, causing the export figure to decline by 1.9% in this year’s first four months.

 

The DPM said Thailand still has its export potential, especially to the U.S., and India where the economic growth is high at 7%. This situation requires commercial attaches to inform and assist Thai private sector. Thai products still perform well in the ASEAN markets due to their popularity. Additional obstacle prevention and logistics cost minimizing measures, will be required for the ASEAN markets, along with the penetration of markets in regional and local cities, especially in China, Hong Kong, Taiwan, and Japan.

 

The trade promotion will need to be carried out in cooperation with the Board of Investment Office (BOI) and the Tourism Authority of Thailand (TAT), as the trade war will make ASEAN the destination of investment and attract more visitors, contributing to higher domestic purchases. Officials will need to help farmers improve their products and implement e-commerce selling channel to raise product prices.

 

The DPM said cooperation from all sides will help the Thai export figure to grow by 5% in the remaining eight months this year, making the overall annual figure this year grow by 3%, valued at 260 billon US dollars.

 

-- © Copyright nnt 2019-06-02

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[soalbundy]

Buy one get two ?

[Srikcir]

6 hours ago, rooster59 said:

The Deputy Prime Minister Somkid Jatusripitak has called a meeting with Thai commercial attaches around the world emphasising the importance of new export markets substituting for those affected by the trade war

Why didn't he just send a memo out that says, Remember last year!"

BANGKOK, 19 October 2018, (NNT) - http://thainews.prd.go.th/th/website_th/news/print_news/WNECO6110190010006

• The Deputy Prime Minister for Economic Affairs has handed policies to Thai commerce attaches, asking them to help increase next year’s exports by 3-12% or an average of 8%.
• During the meeting with commerce attaches, Deputy Prime Minister Dr. Somkid Jatusripitak told the attendees to evaluate various markets and find opportunities to expand the Kingdom’s export reach.
• He expressed his wish to repeat the 8% expansion next year, which is equivalent to 270 billion dollars. In order to achieve that goal, each commerce attache must evaluate which items are being affected by the trade dispute between the U.S. and China and come up with replacement goods. (my bold emphasis)

Why is Somkid even talking to these commercial attaches - they failed and Somkid's policy failed!

 

[TheHangingJudge]

Don’t hold your breath I have friends in the export business in Thailand and they tell me that it is dire at present.

[geoffbezoz]

1 minute ago, TheHangingJudge said:

Don’t hold your breath I have friends in the export business in Thailand and they tell me that it is dire at present.

But great for the international investment banks and offshore fund managers dealing with the flood of money transfers out of Thailand no doubt

[Redline]

Sooner or later the USA is not going to allow the lopsided trade situation 

[mrfill]

On 6/2/2019 at 2:30 PM, Redline said:

Sooner or later the USA is not going to allow the lopsided trade situation 

If it is lopsided it is probably because one country is substantially richer than the other and it does not provide the needs or wants of the other country at an affordable price.

So what is the plan then? Huge tariffs to kill the trade to ensure the poor country suffers? Or pump in enough money to equalise the wealth of the two nations leading to a fair market? Or invade to show them who's boss?

 

Fact is, if the trade is very lopsided, perhaps you need to look at what you're selling and why nobody wants it.