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.
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.
- The US is ready to renew the Generalized System of Preferences (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) 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.
