Trade surplus with US to top agenda

Commerce Minister Pichai Naripthaphan is scheduled to visit the US in February to address concerns regarding Thailand’s trade surplus with the US.
Following a meeting at the Commerce Ministry with representatives from 50 US corporations on Monday who are members of the US-Asean Business Council (USABC), which includes notable multinationals such as Amazon, Apple, Boeing, Citi, Google, Mastercard and Seagate, Mr Pichai said US investors remain interested in expanding their investments in Thailand, including companies such as Western Digital, Seagate, Google and HP.
The minister also requested US investors inform President-elect Donald Trump that Thailand’s trade surplus with the US has arisen from American companies investing in Thailand and exporting goods back to the US, so Thailand should not be subject to increased import tariffs given this situation.
The minister is scheduled to visit the US in February to meet the new US Secretary of State and possibly the US president. The discussions will focus on Thailand’s strong diplomatic ties with the US and highlight the strong potential for US companies to invest in Thailand, advocating for favourable policies and support for Thailand.
In addition, US investors have urged Thailand to expedite free trade agreement (FTA) negotiations with other countries. Mr Pichai informed the US that Thailand aims to conclude FTA negotiations with the European Free Trade Association (Efta) by January next year, followed by Thai-UAE FTA.
The minister also requested the removal of Thailand from the US watch list on intellectual property protection under Section 301, as Thailand has seen significant progress in improving protection and enforcement via its draft Copyright Act amendments.
Thailand had also asked the US to renew the generalised system of preferences (GSP) privileges for the country.
GSP privileges, which offer customs tariff privileges to Thai exporters, expired in 2020.
The USABC is an organisation comprising leading US companies which invest or conduct business in Asean.