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US urges Thais to join CPTPP
The US-Asean Business Council, an advocacy group that aims to foster economic growth and trade ties between the two regions, is calling for the Thai government to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and speed up its talks on joining the Regional Comprehensive Economic Partnership (RCEP).
Commerce Minister Jurin Laksanawisit, who met representatives from the council yesterday, said US businesses are urging the government and Commerce Ministry to settle the RCEP talks as soon as possible.
They remarked that Thailand joining the CPTPP would greatly benefit US investors in Thailand, Mr Jurin said.
“American investors would like to know about the government’s policies on a modern and digital economy, e-commerce and foreign direct investment promotion,” he said.
Mr Jurin said he urged US investors to use more agricultural materials such as rubber from Thailand and affirmed the government’s willingness to support investment in a modern economy with social responsibility.
He said the government is committed to supporting the contract farming scheme to help stabilise farmers’ income.
Alexander Feldman, president and chief executive of the US-Asean Business Council, said US businesses are confident in Thai economic growth prospects and want to hear the government’s policies.
Representatives from Airbnb, Apple, Amazon, Chevron, Merck, Dow, ExxonMobil, Harley-Davidson, FedEx and Ford were among the US delegation.
“There is a new hope, and new investments coming to Thailand will definitely total hundreds of millions of US dollars,” Mr Feldman said.
US investors also support the Thailand 4.0 scheme and Thailand’s digital economy strategies and are keen to invest in 5G technology.
Siriporn Chaiyasuta, vice-president for Asia-Pacific strategy at Chevron Asia-Pacific Exploration and Production, said this is the biggest American delegation to visit Thailand since the US-Asean Business Council began 35 years ago, as 108 visitors from 46 companies were involved.
She said Thailand’s recent election, status as the chair of Asean this year, and environment and fundamentals make the country attractive for new investments.
“American investors are adjusting their plans to align them with the government,” Ms Siriporn said. “Chevron is also planning new investment in the Eastern Economic Corridor and will support the upgrade of labour skills at six vocational schools in the EEC area.”
Pimchanok Vonkorpon, director-general of the Trade Policy and Strategy Office, said the recent decision by Washington to delay hiking tariffs on Chinese imports is a good sign and she expects the US and China to resume trade talks soon.
“Thailand still has a good chance to boost exports of products to substitute Chinese goods, particularly for processed food, food, garments and household appliances,” she said.
Source: https://www.bangkokpost.com/business/1731071/us-urges-thais-to-join-cptpp