PM Prayut sets sights on trade pact now that TPP ship has sailed

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FTAAP
PM sets sights on trade pact now that TPP ship has sailed
The Nation

BANGKOK: -- The Free Trade Area of Asia-Pacific (FTAAP) negotiations should be pursued since the Trans Pacific Partnership (TPP) agreement is now concluded, Prime Minister Prayut Chan-o-cha suggested yesterday.

Speaking at the Asia Pacific Economic Cooperation (Apec) summit in Manila, Prayut said Thailand hopes Apec member countries will be able to achieve a FTAAP partnership that will encompass all member countries, including those that are also TPP members.

At present, the TPP consists of 12 member countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.

These countries will have to ratify the deal as soon as possible. Afterwards, the TPP could be further expanded and could lead to the creation of FTAAP.

During the 23rd Apec summit, entitled "Inclusive Growth Through Integrated Economies", the prime minister said Thailand would fully cooperate with Apec to reach the Bogor declaration on liberalisation of trade and investment by 2020.

Meanwhile, in a related discussion with CY Leung, Hong Kong's chief executive, on the sidelines of the summit, Prayut invited Hong Kong businesses to invest as clusters and super clusters in Thailand's special economic zones, which will provide special investment promotion privileges.

According to Weerachon Sukhonthapatipak, Thailand's deputy government spokesman, Prayut and Leung agreed to push small-and medium-sized enterprises (SMEs) to drive both economies.

They proposed discussions between private-sector agencies, such as chambers of commerce, in both countries. Hong Kong is one of Thailand's main trading partners and investor.

Growing together was essential for SMEs in each economy, Prayut said, emphasising connectivity and access to benefits from free trade pacts.

During the Apec summit, Prayut reiterated the fact that sustainable, economic growth needs cooperation at the regional and global levels, and he said Thailand, as the chair of the Group of 77 developing countries (G77) in 2016, would put great effort into driving the Sustainable Development Goals (SDGs).

Thailand urged all countries to promote economic integration, and suggested that all nations should develop their own economic reforms with Apec's support and come up with broader structural reforms to improve international trade and the investment environment.

He said Thailand has been going ahead with national reforms, while focusing on corruption, SMEs development and social protection with a sufficient economy for sustainable, balanced development.

Thailand also supports the Boracay Action Agenda, which promotes micro, small and medium enterprises (MSMEs) to more significantly participate in global trade and global value chains, Prayut said.

He also expressed confidence that innovation and technology, which have been applied to MSMEs, would lead to long-term economic development. He called on all Apec member countries to find cooperative measures to help them grow together, which was in line with the Thai government's "Thailand Plus One" concept.

Under this business model, foreign investors who invest in Thailand will be encouraged to invest in a neighbouring country for mutual growth to bridge the economic gap in Asean.

Source: http://www.nationmultimedia.com/business/PM-sets-sights-on-trade-pact-now-that-TPP-ship-has-30273325.html


-- The Nation 2015-11-20

[chainarong]

Perhaps Thailand's investment fortunes would improve when the Junta leaves the stage, not one of those countries mentioned protested that Thailand wasn't included, just a few years back Thailand was Australia's fourth biggest customer.........................

[oneday]

Thailand's military government was too busy buying submarines, missile defense systems, making their own HumVees and making kissy, kissy with China, Russia and NK to pay attention to what was happening in the real world.

[Eric Loh]

Somehow his presence and statement as the country top leader on any international stage sound hallow and unconvincing. Got to do with being unelected and self appointment via a coup. You don't get the same respect from the other democratic leaders.

[kiwikeith]

Thailand was smart to stay out of it, now if they are sucked into it look out Thailand!

[JohnDodd]

From what I have read of the details of this so called "Trade Agreement" He has done Thailand and the Thai people a great favour.

[JohnDodd]

From what I have read of the details of this so called "Trade Agreement" He has done Thailand and the Thai people a great favour.

[djlest]

if it was any of the countries previous leaders, what may have gone down instead? Probably a massive deal to line the pockets of a business tycoon pretending to be PM...

[Mudcrab]

It may have missed the PM's notice but Thailand isn't a pacific rim country which is what TPP is all about. Perhaps he should pursue EEC membership as well.

[Srikcir]

Thailand doesn't even have an Free Trade Agreement with the USA. Yingluck was in the process of negotiating an FTA when the political conflict paralyzed the government, followed by the coup d'etat. Passing up the opportunity of trading with 40% of the world economy under TPP when export growth has collapsed borders on incompetence.

"Thailand should consider joining every trade agreement possible, as it is important to benefit from the different angles offered by each pact, and it would help open up opportunity for the Kingdom to increase market access to all" - Reuben Levermore, New Zealand's ambassador to Thailand.

As an aside: By rejecting TPP membership the USA might find reason now to sanction Thailand for Tier 3 and raise tariffs on Thai imports. Thailand has nothing really critical to the USA consumer in any event.

[connda]

My respect for PM Prayut has just doubled seeing that he's just basically told the US to bugger off and take their fascist TPP trade agreement with them.

Thank you Mr. Prime Minister, for myself and everyone else in the country. I'm amazed.

Develop trade within the BRICS, ASEAN, and surrounding countries. They don't need the EU, UK, or US, all of which will eventually implode financially and socially.

Kudos!

Edited November 20, 2015 by connda

[chilli42]

Has anyone actually read the TPP ... I mean read it not what the news outlets are telling you. It's a windfall for business and a nightmare for consumers. I am disgusted that my country even has their name on it. Bravo for Thailand holding off.

[Balance]

My respect for PM Prayut has just doubled seeing that he's just basically told the US to bugger off and take their fascist TPP trade agreement with them.

Thank you Mr. Prime Minister, for myself and everyone else in the country. I'm amazed.

Develop trade within the BRICS, ASEAN, and surrounding countries. They don't need the EU, UK, or US, all of which will eventually implode financially and socially.

Kudos!

Right! What planet have you been staying on. I doubt very seriously if Thailand will actually implement the Aesian accord. The thought of lower import tariffs will cause enough fear among the elites to kill it. The bottom line, is that it is very questionable if Thailand has the ability to compete with Indonesia and Malaysia and Vietnam, and a few others. They would stack up O.K. with Lao, Burma, and Cambodia though.

There is always talk about the SME's being the saviors of the Thai economy. First, there is the issue with the labor force, which sucks big time. Then there is the issue of where they are going to sell their products. The Thai consumer cannot afford to buy much and service the sky high debt they have incurred. Very few local SME's with 100 to 200 employees have no clue how to access foreign markets, nor do they have an interest in doing so. It is similar to the lack of interest in Thai school children to learn English; what is not useful in the next 12 hours is "just too difficult."

I wish Thailand the best, but something more has to happen to improve the the huge underlying problems, or it will get a lot worse, a lot worse.

[umbanda]

Thanks Prayut!

The Trade Pact designed by the big US Corporations and Banks, is not more than an EMBARGO to countries not accepting their commercial rules. That's is why no BRICS countries are on it...even invited. The US is afraid of the emerging economic and commercial power of Brazil, India, China, South Africa.....and other emergent economies. Just in oil Russia and Brazil are richer than the Arab countries...but the case is that the US and its Oil Corporation wants to keep world dependent in oil...on THEIR oil, when already Brazil and India are getting into alternatives sources of energy. The US is not interested in anything that will change its corporation profits. That's all....and that is why this pact still a secret.

A very bad deal for the world's future and peace.

[Langsuan Man]

What do these 11 nations know that Thai Visa pundits don't ?

source: https://en.wikipedia.org/wiki/Trans-Pacific_Partnership

[EyesWideOpen]

My respect for PM Prayut has just doubled seeing that he's just basically told the US to bugger off and take their fascist TPP trade agreement with them.

Thank you Mr. Prime Minister, for myself and everyone else in the country. I'm amazed.

Develop trade within the BRICS, ASEAN, and surrounding countries. They don't need the EU, UK, or US, all of which will eventually implode financially and socially.

Kudos!

???? The only country that will be imploding in the future will be China. Which is why serious Chinese money is heavily investing in America..... Regarding these trade deals, the trade relationship between America and Thailand is not exactly on a par. America is one of the major trading partners to Thailand, whereas Thailand is less than a fly speck with its trade with America. So Thailand's refusal to be a part of this trade pact will not exactly bring America to its knees. :-)

Think Prayut's refusal was more to cement Thailand's place as a lap dog to China..

[noosard]

It may have missed the PM's notice but Thailand isn't a pacific rim country which is what TPP is all about. Perhaps he should pursue EEC membership as well.

Actually you are wrong

Gulf of Thailand is part of the South China sea which is part of the Pacific Ocean

Edited November 22, 2015 by noosard

[ldiablo]

Thailand doesn't even have an Free Trade Agreement with the USA. Yingluck was in the process of negotiating an FTA when the political conflict paralyzed the government, followed by the coup d'etat. Passing up the opportunity of trading with 40% of the world economy under TPP when export growth has collapsed borders on incompetence.

"Thailand should consider joining every trade agreement possible, as it is important to benefit from the different angles offered by each pact, and it would help open up opportunity for the Kingdom to increase market access to all" - Reuben Levermore, New Zealand's ambassador to Thailand.

As an aside: By rejecting TPP membership the USA might find reason now to sanction Thailand for Tier 3 and raise tariffs on Thai imports. Thailand has nothing really critical to the USA consumer in any event.

Thailand has nothing really critical to the USA consumer in any event.

Other than sexy Thai ladies.