BANGKOK (NNT) – With the sluggish global economy hurting foreign trade, the Ministry of Commerce has seen that free trade agreements (FTAs) can give Thai businesses a competitive advantage while supporting Thai farmers. With no tariff barriers from importers, the ministry is to organize an event for competent farmers, members of community enterprises and small scale entrepreneurs to meet and establish networks with key business partners in a bid to expand export opportunities.

The Deputy Minister of Commerce, Weerasak Wangsupakitkosol, said today he had instructed the Department of Foreign Trade to invite farmers, members of community enterprises and entrepreneurs who have export quality products, but lack sufficient marketing knowledge to exchange information and receive guidance from foreign trade experts. They would then be able to take advantage of the FTAs between Thailand and 18 countries, including the 10 ASEAN member states, China, Japan, South Korea, India, Australia, New Zealand, Chile, Peru and Hong Kong. Many Thai products benefit from these FTAs, as they are not subjected to tariffs. The meeting between different sectors was held to seek new markets for different agricultural products and generate more income for local farmers and producers.

FTAs are one of the economic drivers supporting Thai farmers and entrepreneurs. In the first 11 months of last year, trade between Thailand and its 18 FTA partners totalled 279.39 billion US dollars, or 62.76% of total trade. The top five FTA partners that Thailand exported to in the period were ASEAN, China, Japan, Australia and South Korea.

Source link

BANGKOK (NNT) – The Bank of Thailand has announced a 2.8% growth projection for the Thai economy in 2020 thanks to a better performing export sector, while the country’s economic performance in November 2019 is still in a slowdown due to declining export figures affected by economic slowdowns among trading partners.

The Bank of Thailand’s economic analysis bureau has released updated economic projections where Thailand’s export sector would result in negative 3.3 percent growth, causing goods import, industrial manufacturing, and private investment indicators to be in decline.

The government’s general and investment expenditures have also declined, while government measures have partially maintained the general public’s purchasing power.

The tourism sector has shown continuous growth, contributing as a major driver in national economic recovery, with this year’s overall economic performance expected to show 2.5 percent growth.

The overall national economic growth in 2020 is now projected to be 2.8% from the anticipated recovery of the export and investment figures. The global economy next year is expected to continue seeing fluctuations, however analysts expect global trade to gradually improve following expected clarity from trade negotiations.

Government investments for 2020 are expected to fully commence in February after the approval of the fiscal year 2020 budget bill by the parliament. The approval will enable government investment projects to fully proceed, helping stimulate spending, and benefiting the domestic economy recovery.

The Bank of Thailand also recommends the private sector increase their investments in keeping with the current economic recovery.

Source link