Thailand’s Commerce Minister, Mr. Phumtham Wechayachai, engaged in discussions with US Secretary of Commerce, Gina Raimondo, to fortify trade ties and explore the reinstatement of the Generalized System of Preferences (GSP) program for Thailand.
The Generalized System of Preferences (GSP) is an initiative by the U.S., established in 1974 to boost economic growth by exempting duties on a wide array of products when imported from 119 specified beneficiary nations and territories.
The decision to revive the Generalized System of Preferences (GSP) for Thailand underscores the mutual aim to enhance trade relations. Following deliberations between Thailand’s Commerce Minister and US officials, involving talks on trade cooperation, the Indo-Pacific Economic Framework, and the enforcement of intellectual property rights.
Both countries are dedicated to fortifying economic ties and fostering trade and investment synergy, particularly focusing on the development of supply chains and cutting-edge industries. The Indo-Pacific Economic Framework (IPEF) discussions have seen substantive advancements, with Thailand and the US endeavoring to boost economic collaboration and interlink supply chains across the region.
The gathering underscored the importance of the Thailand-US partnership and trade linkages with a specific emphasis on enhancing supply chains. Thailand aims to evolve into a production hub for advanced US sectors while showcasing its economic strategies. Notably, in 2023, the US stood as Thailand’s second-largest trading partner, with a spotlight on technology, aviation, and pivotal exports.
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