The Commerce Ministry has asked the United States government to speed up the process of renewing tariff privileges under the Generalised System of Preferences (GSP) for Thai products, Commerce Minister Phumtham Wechayachai revealed on Tuesday.
Phumtham, who doubles as Deputy Prime Minister, was giving a briefing about a meeting with US ambassador Robert F Godec held recently at the ministry’s Bangkok headquarters.
The minister underscored that renewing the GSP privileges would benefit entrepreneurs in both Thailand and the US.
The US suspended tariff privileges under the GSP on 573 Thai products in April 2020, resulting in Thai products being subject to an average 4.7% of tariffs instead of 0%.
Phumtham also urged the US government to consider removing Thailand from a “watch list” for intellectual property infringements. He cited the Thai government’s continued efforts to improve intellection property protection and addressing stakeholder concerns regarding intellectual property.
The Commerce Minister also presented government policies to improve the Thai economy, with a focus on reducing people’s financial burden, increasing revenues, and creating an economic balance across all parties ranging from farmers to manufacturers and consumers.
Phumtham highlighted the government’s planned digital wallet scheme, as well as policies related to promoting exports; helping micro, small and medium enterprises; negotiating additional free-trade agreements, and eliminating trade obstacles among partners. Source: The nation Thailand
