Thailand and the US are exploring the renewal of the expired generalized system of preferences (GSP), discussed in a recent meeting between Thai Commerce Minister Pichai and US Ambassador Robert Godc. Pichai urged US investment in data centers and cloud services, highlighting Thailand’s potential as a manufacturing and digital hub, particularly in AI and semiconductors, while emphasizing food security and export capabilities.
Commerce Minister Urges U.S. to Reinstate GSP Benefits
The Commerce Minister recently urged the United States to renew Generalized System of Preferences (GSP) benefits, highlighting their crucial role in fostering trade and economic growth. The GSP program, which provides preferential treatment for certain goods imported from developing countries, has historically supported industries and created jobs in recipient nations. The Minister emphasized that reinstating these benefits would not only boost bilateral trade but also contribute to sustainable development in the region.
In discussing the importance of GSP, the Minister noted that many sectors, including textiles and agricultural products, rely heavily on these preferences to compete in the global market. The potential expiration of GSP benefits poses a significant threat to these industries, risking local employment and economic stability.
Moreover, the Minister pointed out that renewing GSP benefits would strengthen the overall U.S.-partner country relationship. By reaffirming commitment to trade equity, the U.S. can demonstrate its support for developing economies, ultimately fostering mutual growth and prosperity.
