Bangkok: Support is being given to accelerating the ART deal to push high-content local products onto the US tax-exempt list. The Thai Chamber of Commerce is in favor of the government's initiative to hasten the finalization of the Trade Agreement (ART) with the United States, aiming to provide clarity on trade, reduce business uncertainties, and promote the inclusion of Thai products with significant local content, especially in sectors such as agriculture, food, fisheries, and pet food, onto the tariff-exempt list. This strategic move is intended to maintain competitiveness and provide tangible benefits to farmers, entrepreneurs, and the grassroots economy in Thailand.
According to Thai News Agency, Dr. Poj Aramwattananon, Chairman of the Thai Chamber of Commerce and the Federation of Thai Chambers of Commerce, expressed the chamber's support for the approach taken by Deputy Prime Minister and Minister of Commerce, Supajee Suthamphan, along with Team Thailand, in expediting the finalization of the Agreements on Reciprocal Trade (ART) between Thailand and the United States. He highlighted that establishing a clear trade framework would reduce business uncertainties, enabling entrepreneurs to plan production, investment, and exports with greater confidence. Moreover, it would ensure that tariffs on Thai goods in the US market remain competitive compared to those of rival countries.
The private sector concurs with the government's strategy of promoting Thai products with high local content and added value through increased tax exemptions. These products are made using domestic raw materials and have added value through Thai production processes, which will broadly benefit the Thai economy.
The Thai Chamber of Commerce agrees with the push to include as many agricultural products, food, agro-industry, fishery products, and pet food as possible in the Exemption List, as these are strengths of Thailand and have strong connections to farmers, SMEs, and processing industries. This inclusion will help maintain the competitiveness of Thai products and directly benefit farmers, entrepreneurs, and the majority of the population, leading to a stronger grassroots economy.
Furthermore, focusing on Thai products with high local content helps preserve added value within the country, supports employment, and strengthens domestic supply chains, aligning with the global economic trend towards building regional value chains.
Dr. Poj emphasized that negotiations should focus on maximizing benefits for Thailand by prioritizing domestically produced value-added goods that impact the grassroots economy. This should be coupled with promoting key Thai export products with high added value that the US does not produce in sufficient quantities, to be included in the tariff-exempt list. Such measures would reduce uncertainty, maintain the competitiveness of Thai exporters, and ensure that the benefits of the negotiations tangibly reach Thai farmers, entrepreneurs, and the general public, while also benefiting US consumers by mitigating the risk of rising living costs.