Connect with us

Economy

Commerce Ministry will appeal US GSP decision

Jack Burton

Published 

 on 

Thailand will ask the United States to reconsider removal of trade preferences for Thai exports under the Generalized System of Preferences (GSP), according to the Ministry of Commerce.

In the past, whenever trade benefits for Thai products exported to the US were suspended, Thailand has appealed to the US, according to the commerce minister, who added that it is ultimately up to the US whether to reconsider the suspension.

Once trade preferences for Thai products are removed they are subject to tax of between 4% and 5%, making them more expensive in the lucrative US market.

He played down the impact of the US move, however, saying that although 1.8 billion dollars worth of Thai exports enjoy trade preferences from the US, only about 1.3 billion dollars worth actually apply for the benefits.

But one government strategist says the suspension of the benefits is a major issue which will heavily impact Thai exports to the US at a time when they’re already declining, due US-China trade tensions and the strong baht.

The same strategist urged the government to hold immediate talks with the US to determine the actual reason for the US action against Thai exporters (cited by the local news sources as slave labour and human trafficking in the fishing industry) predicting unemployment in Thailand will increase, with as many as 500,000 Thai workers being laid off.

The taxes resulting from the removal of GSP privileges, set to take effect in six months, mean Thai exporters could face costs of between 1.5 billion and 1.8 billion baht annually if they maintain the pre-change prices of their products in the US market.

Source: thaipbsworld.com

 

Want more Thailand news from the Thaiger family?

📱 Download our app on Android or iOS for instant updates on your mobile
📝️ Join the conversation on Thaiger Talk - discuss news & life in our Thailand forums
📧 Subscribe to our daily email newsletter
👍 Like/Follow us on Facebook
🔔 Subscribe to or Join our YouTube channel for daily video updates

image

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Jack Burton is an American writer, broadcaster, linguist and journalist who has lived in Asia since 1987. A native of the state of Georgia, he attended the The University of Georgia's Henry Grady School of Journalism, which hands out journalism's prestigious Peabody Awards. His works have appeared in The China Post, The South China Morning Post, The International Herald Tribune and many magazines throughout Asia and the world. He is fluent in Mandarin and has appeared on television and radio for decades in Taiwan, Mainland China, Hong Kong and Macau.

Follow Thaiger by email:

Thailand13 hours ago

Thailand News Today | AoT warns about tourist exuberance, easing of restrictions | June 22

Coronavirus (Covid-19)14 hours ago

CCSA: Bars to stay closed for now, drunk customers risk the spread of Covid-19

Bangkok14 hours ago

Woman dies after jumping from Phra Khanong BTS station in Bangkok

Phuket Sandbox July 1st

days
hours
minutes
seconds

Thaiger is getting behind local businesses for the restart of tourism in July - up to 50% discounts across all advertising packages in June!

Coronavirus (Covid-19)15 hours ago

263 covid cases linked to canned seafood factory in Songkhla

Drugs15 hours ago

Narcotics Control Board announce recent drug busts, heroin and cocaine sent by mail

Environment15 hours ago

3 Cambodian activists arrested for plotting against the government/insulting the king after documenting waste run-off

Chiang Mai16 hours ago

Chiang Mai eases restrictions, alcohol now allowed at restaurants

Thailand16 hours ago

Angry ex allegedly sets motorcycle on fire in school parking garage

Cambodia16 hours ago

6 arrested in Cambodia for allegedly trafficking people into Thailand

Coronavirus (Covid-19)17 hours ago

Tuesday Covid Update: 4,059 new cases; provincial totals

Thailand17 hours ago

Power outages coming to Kathu

Coronavirus (Covid-19)18 hours ago

Samut Sakhon governor calls for more vaccine doses after order was cut

Thailand18 hours ago

Fruit buyer arrested for allegedly using counterfeit certificates to export durian

Tourism19 hours ago

Airports of Thailand president says tourism won’t pick back up until October

Thailand20 hours ago

Mobile sterilisation/vaccination truck helps Pattaya’s cats and dogs

Thailand4 months ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism4 months ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket4 months ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism4 months ago

Phuket Thai food treats you need to try | VIDEO

Thailand4 months ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism4 months ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand5 months ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand5 months ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand5 months ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand5 months ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand5 months ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand5 months ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand5 months ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand5 months ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Thailand6 months ago

Thailand News Today | Southern floods, Face mask fines, Thai Air Asia woes | January 8

Trending