# The US set to renew the Generalized System of Preferences (GSP) scheme for Thailand

- Link: https://www.thailand-business-news.com/trade/131076-us-to-renew-generalized-system-of-preferences-gsp-scheme-for-thailand
- Published: 2024-03-14T15:20:13+07:00
- Author: Zaw Win Maung

The Commerce Minister of Thailand, Mr Phumtham Wechayachai, met with US Secretary
of Commerce Gina Raimondo to strengthen trade relations and discuss renewing the
Generalized System of Preferences (GSP) scheme for Thailand.

The Generalized System of Preferences (GSP) is a U.S. trade preference program established
in 1974 to promote economic development by eliminating duties on thousands of products
when imported from 119 designated beneficiary countries and territories.

ADVERTISEMENT

The United States plans to reinstate the Generalised System of Preferences (GSP)
scheme for Thailand, aiming to strengthen trade relations. This decision follows
a strategic dialogue between Thailand’s Commerce Minister and US officials, where
they discussed trade collaboration, the Indo-Pacific Economic Framework, and intellectual
property enforcement.

### Related**Posts**

###  󠀁[What Would an ASEAN-Canada Free Trade Agreement Mean for Foreign Investors?](https://www.thailand-business-news.com/asean/331504-what-would-an-asean-canada-free-trade-agreement-mean-for-foreign-investors)󠁿

###  󠀁[The Changing Map of Growth: Why East Asia and the RCEP Are More Important Than Ever](https://www.thailand-business-news.com/opinion/328474-the-changing-map-of-growth-why-east-asia-and-the-rcep-are-more-important-than-ever)󠁿

###  󠀁[China and ASEAN trade deal speeds up business exchanges](https://www.thailand-business-news.com/asean/329080-china-and-asean-trade-deal-speeds-up-business-exchanges)󠁿

###  󠀁[Thailand Business News — Morning Briefing : Thailand & Asia | 17 September 2026](https://www.thailand-business-news.com/finance/329176-thailand-business-news-morning-briefing-thailand-asia-17-september-2026)󠁿

 * The US is ready to renew the [Generalized System of Preferences (GSP)](https://ustr.gov/issue-areas/trade-development/preference-programs/generalized-system-preference-gsp)
   scheme for Thailand, highlighting the potential for continued trade benefits 
   between the two countries.
 * Both Thailand and the US are committed to strengthening economic relations and
   promoting bilateral trade and investment, with a focus on supply chain development
   and modern industries.
 * The Indo-Pacific Economic Framework ([IPEF](https://www.thailand-business-news.com/taiwan/92634-what-is-the-indo-pacific-economic-framework))
   negotiations have made significant progress, with Thailand and the US aiming 
   to drive economic cooperation and connect supply chains in the region.

Both sides also addressed the Indo-Pacific Economic Framework (IPEF) negotiations
and Thailand’s request to be removed from the US watch list for intellectual property(
IP) enforcement, and highlighted the importance of supply chain development, with
Thailand ready to partner with the US in modern industries.

The meeting highlighted the significance of the Thailand-US alliance and trade partnership,
with an emphasis on supply chain development. Thailand seeks to become a production
base for advanced US industries while showcasing its economic policies. In 2023,
the US was Thailand’s second-largest trade partner, with a focus on technology, 
aviation, and other key exports.