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(Bloomberg) — Thailand expects to reduce its trade gap with the US by as much as $15 billion annually with its recent initiatives to prevent the misuse of origin rules for exports, according to Finance Minister Pichai Chunhavajira.
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The government is committed to translating a slew of anti-trade circumvention policies into action to ensure Thailand establishes a long-term fair and balanced partnership in trade and investment with the US, Pichai said at an American Chamber of Commerce conference in Bangkok Tuesday.
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The minister didn’t say when the expected reduction would be achieved, but such a cut would represent about a third of Thailand’s outstanding $46 billion trade surplus with Washington last year.
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Trade-reliant Thailand has submitted a framework of proposals to the Trump administration to kickstart official negotiations to avert a 36% tariff on its goods. The Thai offers, including steps to tackle trade rerouting by Chinese firms, lowering of tariff and non-tariff barriers and ramp-up in investment, can be beneficial to both the nations, Pichai said.
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“I’m positive that we have a strong set of practical and viable proposals that can effectively lead to win-win results and deliver tangible quick wins,” said Pichai, who’s designated to lead the Thai delegation for talks with US officials.
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Thailand is pressing for a trade deal with the US to minimize the hit to its economy following a slew of growth forecast cuts from the central bank and the World Bank among others. The US was Thailand’s largest export market last year, accounting for about 18% of the country’s total shipments.
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On Monday, Thailand said it’s suspending investment promotion for certain sectors that carry oversupply risks or negative environmental impact, and will ensure greater scrutiny of new investment proposals to ensure “essential production processes” happen in the country. It has also streamlined the process of issuance of “certificate of origin” and added more industrial products to a watchlist.
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With Thailand exploring more investments by private companies in the US, there will be more collaborations in the field of energy, digital technology and infrastructure, wellness tourism and creative industries, Pichai said.
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Thai firms can invest at least $2 billion in the US in the near future, Nalinee Taveesin, president of Thailand Trade Representatives, said last week after leading a delegation of private sector executives to the US. The Southeast Asian nation has also expressed interest in joining a massive gas pipeline project in Alaska backed by President Donald Trump.
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