Thailand urged to urgently sign CPTPP, free trade pacts to protect itself

[webfact]

Thailand urged to urgently sign CPTPP, free trade pacts to protect itself

By THE NATION

 

 

Thailand’s Board of Trade (BoT) has suggested that the government either join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) or sign a free trade agreement (FTA) with the European Union as soon as possible before foreign investors start flocking to other countries like Vietnam.

 

Buntoon Wongseelashote, vice chairman of the BoT committee on International Trade Negotiations, warned that Thailand will face problems if it joins the CPTPP partnership after the United States becomes a member.

 

He said if Democrat Jo Biden beats Donald Trump in the US presidential elections, then he may pressure Thailand on the fronts of medicine patents and intellectual property if the Kingdom is not a member of the partnership.

 

“If Thailand is the member before the US, Thailand can negotiate the US a 10- to 15-year delay in the enforcement of medical patenting and other such regulations,” he said. “This period is long enough for our nation to improve our economy and technology, so they meet international standards.”

 

Buntoon added that the domestic market of each country will become more important, and Thailand should sign partnerships to hold an advantage over its competitors.

 

“In 2019, Thailand attracted $6 billion in foreign investment, compared to $3.3 billion in Vietnam,” he added. “If Thailand does not sign FTAs and CPTPP, foreign investors will think twice about investing in Thailand or may instead invest in the S-curve industries of other countries.”

 

He also said that the US-China trade conflict will intensify after the Covid-19 crisis is resolved, and the US may block China from investing in other countries like Thailand. In this scenario, Chinese investors will delay investing in Thailand, while investors from other countries will opt for Vietnam.

 

“The US will block China from investing in Thailand instead of Vietnam, because the latter already has territorial conflicts with the mainland,” he added.

 

Source: https://www.nationthailand.com/news/30389343

 

-- © Copyright The Nation Thailand 2020-06-10

 

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[bangkokfrog]

6 minutes ago, webfact said:

Buntoon Wongseelashote, vice chairman of the BoT committee on International Trade Negotiations, warned that Thailand will face problems if it joins the CPTPP partnership after the United States becomes a member.

The decision should be based solely on what is in the long term interests of Thailand, not fears of "problems" from the U.S. Don't know why developing countries are scared of upsetting the U.S. anyway, as it is diminishing force in the world with more than enough "problems" of its own.

 

I do feel that these agreements would be beneficial to Thailand. However, I don't see much government interest because, unlike the EEC, they don't come with enough "infrastructure" budget. 

[alyx]

"urged to urgently" ? Does this mean that it is twice as urgent ?

How would they express thrice as urgent then ?

[Phuketshrew]

Is the main issue one of having to show transparency? Something that thye may not want to do.

[mfd101]

Most of the Asia/Pacific countries have signed up to the pact, except of course the US (which was gonna under Obama then not under Trump then changed its mind only to find that Japan & Oz had organized everyone to go ahead without the Not-Indispensible Country).

 

The problem for Thailand is: What will Big Fren' in Beijing do to us if we do sign up.

Edited June 10, 2020 by mfd101

[hotchilli]

7 hours ago, webfact said:

“If Thailand is the member before the US, Thailand can negotiate the US a 10- to 15-year delay in the enforcement of medical patenting and other such regulations,” he said. “This period is long enough for our nation to improve our economy and technology, so they meet international standards.”

Speaks volumes !!!!

I though Thailand was the hub of the universe?

[trainman34014]

Europe as a whole should only sign up to a 'Free Trade Agreement' with Thailand if all the crazy Tariffs are dropped forthwith !

[IAMHERE]

Yesterday I bought a drinkable bottle of wine at Walmart for less than 90 baht. For 200 baht I could of bought a decent bottle of Chile wine. I'd like to think Thailand will do what's good for Thailand but somehow I think Thailand will do what's good for the 1%.

[Redline]

The monopolies in Thailand will do their best to stop them from signing I would think.