Wilbur Ross says US open to further talks on Thai trade privileges

[webfact]

Wilbur Ross says US open to further talks on Thai trade privileges

By The Nation

 

US Commerce Secretary Wilbur Ross (Left), PM Prayut (Right)

 

US Commerce Secretary Wilbur Ross has promised to rdecision to suspend Thailand’s tariff privileges.

 

 Government spokeswoman Narumon Pinyosinwat said on Sunday (November 3) that Prime Minister Prayut Chan-o-cha had met with Ross on the side lines of the Asean Summit to discuss trade and investment.

 

Prayut expressed his concern over the US suspension of tax privileges under its Generalised System of Preferences (GSP) programme on Thai products collectively worth about $1.3 billion.

 

Ross replied that the US remained open to further talks before GSP cuts take effect over the next six months, Narumon quoted him as saying.

 

Ross was accompanied on his visit to Bangkok by a group of American investors, whom Prayut invited to invest in Thailand, especially in the aircraft, digital and biotechnology industries and medical manufacturing.

 

Source: https://www.nationthailand.com/business/30378036?utm_source=homepage_hilight&utm_medium=internal_referral

 

-- © Copyright The Nation Thailand 2019-11-04

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[neeray]

26 minutes ago, webfact said:

open to further talks

"Open" is a pretty vague concept. Further, what Mr Ross says is still subject to his boss's approval.

[neeray]

29 minutes ago, webfact said:

Ross was accompanied on his visit to Bangkok by a group of American investors, whom Prayut invited to invest in Thailand, especially in the aircraft, digital and biotechnology industries and medical manufacturing

Presumably these "investors" know that they can only own 49%. Maybe that will be overcome by an evening out, exploring the delights of Thailand.

[ukrules]

They took this ' tax privilege' away prior to the talks to gain some leverage for use in the forthcoming talks.

 

Everyone involved knows this. Thailand now needs to offer up something the US want.

 

I'm sure the US delegation have already planned out long 'wish list' of 'suggestions' (demands) that will make the recent negative changes go away.

 

It the Thai side play ball then they will also get something. The only thing we don't know is what the US want in return to reinstate the 'status quo'.....

[DannyCarlton]

18 minutes ago, ukrules said:

It the Thai side play ball then they will also get something. The only thing we don't know is what the US want in return to reinstate the 'status quo'.....

Rescinding the ban on pesticides.

[ukrules]

1 minute ago, DannyCarlton said:

Rescinding the ban on pesticides.

That will quite likely be one of the many things on their list.

[DannyCarlton]

4 minutes ago, ukrules said:

That will quite likely be one of the many things on their list.

That will be "quite likely" the only one that's non negotiable. Human rights issues, your avin' a laugh. The US has it's own human rights issues and seems perfectly happy with Saudi's multiple human rights issues.

[Number 6]

3 hours ago, webfact said:

whom Prayut invited to invest in Thailand, especially in the aircraft, digital and biotechnology industries and medical manufacturing.

Because the fisheries industry was looking rather sketchy.

 

I don't see how this should be negotiable. Us doesn't need Thai shrimp. Treatment on those boats pretty horrendous.

 

There is no reason to invest in Thailand. Labor is expensive and not especially educated, workforce is lazy and inefficient, a month full of national holidays excluding the ones they dream up on the fly (Nov 4, 5). The economy is not a great consumer of high tech products save for trains, planes. Foreigners can only hold minority stake in corporations. There is no high tech hub anywhere in Thailand. It's not Korea, Japan, Malaysia or Singapore. It's the Philippines.

 

Biotech lol. Where will the workers come from?

[legend49]

4 hours ago, neeray said:

Presumably these "investors" know that they can only own 49%. Maybe that will be overcome by an evening out, exploring the delights of Thailand.

Wait until they find out about TM 30, LOL.

[holy cow cm]

Whenever I hear the name Wilbur, it reminds me of Mr. Ed. 

[holy cow cm]

5 hours ago, neeray said:

Presumably these "investors" know that they can only own 49%. Maybe that will be overcome by an evening out, exploring the delights of Thailand.

If under the Treaty of Amity it can be 100% American owned. But just an investment in some business no. 

[Srikcir]

7 hours ago, webfact said:

Ross was accompanied on his visit to Bangkok by a group of American investors, whom Prayut invited to invest in Thailand

On the other hand an American investment in Thailand might be viewed essentially as an investment in a China cut-out. 

 

[spidermike007]

Ross is simply another of the "pick from the bottom of the barrel" selections of Don Donald. There is an unbelievable lack of talent in this administration. 

[Isaan sailor]

thailand on a downward spiral--due to the military's infatuation with Communist China.

[hotchilli]

8 hours ago, webfact said:

Ross replied that the US remained open to further talks before GSP cuts take effect over the next six months, Narumon quoted him as saying

Meaning the USA wants something in return for the ban to be lifted... the ban is a threat to get a level playing field at the table !

[nickstav]

…..but we'd like you to do us a favor first.

[Eric Loh]

9 hours ago, webfact said:

US Commerce Secretary Wilbur Ross has promised to decision to suspend Thailand’s tariff privileges.

Meaningless promises when you have a President that only act on his own instinct and impulses. His dictatorial style render his ministers toothless and often caught on their blind sides by his mixed messages and sudden shift in policies. 

[Benmart]

8 hours ago, neeray said:

"Open" is a pretty vague concept. Further, what Mr Ross says is still subject to his boss's approval.

Isn't it that way in many facets of life here?

[Benmart]

5 minutes ago, Eric Loh said:

Meaningless promises when you have a President that only act on his own instinct and impulses. His dictatorial style render his ministers toothless and often caught on their blind sides by his mixed messages and sudden shift in policies. 

A meaningless reply until this business is finalized.

[zydeco]

1 hour ago, hotchilli said:

Meaning the USA wants something in return for the ban to be lifted... the ban is a threat to get a level playing field at the table !

I'm sure Prayut's singling out China for praise ought to be worth $10 or $20 billion in new US tariffs on Thailand.

[Misty]

2 hours ago, spidermike007 said:

Ross is simply another of the "pick from the bottom of the barrel" selections of Don Donald. There is an unbelievable lack of talent in this administration. 

Agreed.  Or perhaps his talent lies in his ability to connect with foreign oligarchs....

 

"Among the Trump administration officials implicated in the (Paradise Paper) leaks is Commerce Secretary Wilbur Ross, who according to the documents concealed his ties to a Russian energy company that is partly owned by Russian President Vladimir Putin’s judo partner Gennady Timchenko and Putin’s son-in-law, Kirill Shamalov. Through offshore investments, Ross held a stake in Navigator Holdings, which had a close business relationship with the Russian firm. Ross did not disclose that connection during his confirmation process on Capitol Hill. " https://www.thedailybeast.com/massive-leak-reveals-new-ties-between-trump-administration-and-russia-implicating-commerce-secretary-wilbur-ross-and-jared-kushner

 

 

[Suradit69]

9 hours ago, ukrules said:

The only thing we don't know is what the US want in return to reinstate the 'status quo'.....

Politically useful "dirt" on the Bidens, Clintons or pretty much anyone else. Truth not required.

[snoop1130]

'Still time' for Thailand to solve U.S. duty-free issue: U.S. commerce secretary

By Patpicha Tanakasempipat

 

FILE PHOTO: U.S. Commerce Secretary Wilbur Ross in Athens, Greece September 5, 2019. REUTERS/Costas Baltas

 

BANGKOK (Reuters) - Thailand still has time to renegotiate with the United States over a suspension of duty-free preferences on imports of Thai goods before the suspension takes effect in April, U.S. Commerce Secretary Wilbur Ross said on Monday.

 

The United States last month suspended duty-free treatment for $1.3 billion worth of Thai imports, including seafood products, under its Generalized System of Preferences (GSP) programme, saying Thailand did not afford workers “internationally recognised worker rights”.

 

The loss of duty-free treatment, which Thailand said would incur duties around $60 million a year for Thai products, has stirred a sense of anti-U.S. sentiment among some in the Southeast Asian country that has been enjoying closer ties with China in recent years.

 

During a speech about U.S. commitment in Asia, Ross said that he would be remiss if he did not address the GSP issue given its publicity in Thailand.

 

“There’s still time to renegotiate the underlying issue of workers’ rights,” Ross said, noting the suspension was scheduled to take effect in April.

 

The value of the affected products accounts for 30% of Thai exports under GSP to the United States and around a “trivial” 0.38% of total Thai exports, Ross said.

“The GSP issue has been blown way out of proportion,” he said. “It’s no big deal.”

 

FULLY COMMITTED

 

Ross spoke at the Indo-Pacific Business Forum, which is aimed at showcasing U.S. investment in the region and highlighting that its presence matters.

 

While Washington only sent lower-level delegations to Southeast Asian summits this year without President Donald Trump nor Vice President Mike Pence, raising concerns that it could no longer be relied on as a counterweight to China’s increasing regional might, Ross gave a reassuring message.

 

“The Trump administration is extremely engaged and fully committed to this region,” Ross said.

 

“We will continue to negotiate trade deals with countries in this region.”

 

-- © Copyright Reuters 2019-11-04

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[Isaan sailor]

Lots of Trump Derangement Syndrome here.  I get that.  But the reality is, if Thailand turns to China, and rejects the USA, we all lose—since our currencies remain loosely connected.

You have to wonder what these SE Asian countries expect from Chinese domination.  Can’t they see the dangers to their economies?

[Magenta408]

What does Amerika really have to promote - the 737 max?

[zydeco]

1 hour ago, Magenta408 said:

What does Amerika really have to promote - the 737 max?

Plenty, otherwise Thailand and China wouldn't be engaged in massive amounts of IP theft from the US.

[Guest]

Whatever Wilber Ross says, is not worth a bucket of warm spit.

[from the home of CC]

imo - it's all about the chemicals, stick to your guns Thailand...

[FarFlungFalang]

If America wants to discuss a possible friendly trade deal by threatening to hurt Thailand I would say that it's not a very friendly way to do it.Maybe Donald is not a very friendly business operator.

[30la]

Ross WHO ???