Commerce Ministry
- Thailand News
Thailand and UK discuss trade, explore FTA possibilities
Commerce Minister Pichai Naripthaphan met with British Ambassador Mark Gooding last week at the ambassador’s official residence in Bangkok to discuss strengthening economic ties between Thailand and the United Kingdom. Central to their discussions was the feasibility of a Thailand-UK Free Trade Agreement (FTA) aimed at boosting bilateral trade and investment. Both parties reaffirmed their commitment to expanding trade and…
- Business News
Thailand to finalise free-trade deal with EFTA by January
Thailand is set to finalise a free-trade agreement with the European Free Trade Association (EFTA) by January next year, aiming to boost its export market and draw European investors. This announcement from the Ministry of Commerce emphasises a strategic step forward in Thailand’s economic expansion. Commerce Minister Pichai Naripthaphan confirmed the completion of negotiations for the Free Trade Agreement (FTA)…
- Thailand News
Thailand unveils plan to boost SMEs, tackle substandard imports
The Deputy Minister of Commerce, Napintorn Srisangpang, has reported on the outcomes of the second meeting of the subcommittee aimed at promoting and upgrading Thai SMEs, alongside tackling the issue of substandard foreign goods. The meeting, involving 20 related government agencies, categorised products into three groups: agricultural, consumer, and industrial products. To address these issues, a three-phase plan, short, medium,…
- Thailand News
Thai trade talks: Minister navigates surplus dilemmas with US
Commerce Minister Pichai Naripthaphan is set to visit the United States in February to address concerns about Thailand’s trade surplus between the two nations. Following a meeting at the Commerce Ministry with representatives from 50 US corporations who are members of the US-ASEAN Business Council (USABC), which includes major multinationals like Amazon, Apple, Boeing, Citi, Google, Mastercard, and Seagate. Pichai…
- Thailand News
Thailand introduces new inspection system for fuel measurement
Thailand’s Ministry of Commerce has initiated a new registration system for private entities to become certified inspection units, aiming to enhance the reliability of fuel measurement at service stations. The Department of Internal Trade (DIT) announced the criteria for this registration process. Starting July 26, they have been promoting this initiative and welcoming applications since August. This move is part…
- Thailand News
Thailand seeks Japanese investment in high-tech sectors
Thailand’s Commerce Minister Pichai Naripthaphan met with Japanese business leaders on November 1 to encourage increased investment in advanced technology sectors, aiming to restore Japan’s position as Thailand’s primary foreign investor. In his first meeting since taking office, Pichai held discussions with Keita Ishii, president of the Japan Chamber of Commerce and Industry (JCCI), alongside executives from major Japanese firms…
- Business News
Commerce ministry urges halt on soyabean oil price hikes
The Commerce Ministry issued a call to edible oil processors, urging them not to increase retail prices, citing no rise in production costs. This follows reports indicating that soyabean oil producers are considering raising the price of bottled soyabean oil. Goranij Nonejuie, Internal Trade Department Deputy Director-General, announced that the department has formally requested the Soyabean and Rice Bran Oil…
- Thailand News
Thailand’s fruit season ends with prices going bananas
Thailand’s fruit season is wrapping up this year with a notable surge in prices for durian, mangosteen, rambutan, longkong, and mango. The successes of this year’s fruit season are attributed to the preparations made in advance. Commerce Minister Pichai Naripthaphan announced that the Department of Internal Trade (DIT) has closely monitored fruit production and pricing for 2024. The season’s end…
- Thailand News
Thailand’s drought and pests slash coconut yields, prices soar
The Agriculture Ministry revealed that the country’s mature coconut yield is expected to plummet to just 0.86 million tonnes this year, a sharp drop from last year’s 0.94 million tonnes. Blame it on a double whammy of prolonged drought and pesky infestations ravaging the country’s coconut trees. The knock-on effect is already being felt in the markets. Commerce Minister Pichai…
- Thailand News
Thailand targets inflated mud removal fees in flood-hit areas
Commerce Minister Pichai Naripthaphan has directed Thailand’s Department of Internal Trade (DIT) to initiate legal actions against backhoe operators in flood-affected provinces for inflating mud removal fees. Following visits to Chiang Rai and Chiang Mai over the weekend to assess the flood damage and expedite recovery efforts, Pichai received complaints about backhoe operators charging exorbitant fees for mud removals from…
- Thailand News
Commerce Ministry says pork prices are ‘bringing home the bacon’
The Thai Ministry of Commerce has addressed concerns raised by Commerce Minister Pichai Naripthaphan regarding the high cost of pork in Thailand compared to imported pork. This issue has led to significant expenses for consumers. Consequently, the ministry has instructed the Internal Trade Department to collaborate with relevant agencies to find solutions that balance and make the entire pricing chain fairer.…
- Thailand News
Thailand promotes products with Piccadilly Circus campaign
Thailand’s Ministry of Commerce has launched the Think Thailand Next Level branding campaign to promote Thai products and services. The event, led by Pichai Naripthaphan, took place at Piccadilly Circus in London, aiming to elevate Thailand’s image globally. The campaign’s launch featured a gigantic digital billboard at Piccadilly Circus, a prominent public space and a central hub in London. This…
- Thailand News
Economic challenge: Business tycoon Pichai to the rescue
Pichai Naripthaphan, a businessman-turned-politician, is stepping into the hot seat as Thailand’s new Commerce Minister at a time when the nation’s economy teeters on the edge of disaster. With sky-high expectations from every corner, Pichai faces the daunting task of steering the country out of economic turbulence. Pichai takes over from Phumtham Wechayachai, who has moved to Defence Minister and…
- Thailand News
Commerce Ministry cracks down on hidden foreign ownership
The Commerce Ministry intensifies its scrutiny of businesses allegedly using Thai nominees to hide foreign ownership, focusing on sectors like tourism, real estate, and logistics. Auramon Supthaweethum, director-general of the Department of Business Development, stated that under the Foreign Business Act of 1999, foreign firms must secure permission as outlined in specific lists before starting operations. A Thai limited company…
- Thailand News
Thai farmers set to grow demand for chemical fertilisers next year
The demand for chemical fertilisers and agricultural chemicals among Thai farmers is expected to rise between October and December next year. This increased need is crucial for crops such as oil palm, rubber, fruit trees, and ornamental plants, which require year-round agricultural inputs. Udom Srisomrong, Deputy Director-General of the Department of Internal Trade, highlighted that the current fertiliser prices in…
- Business News
Commerce Ministry promotes Thai SELECT restaurants
The Commerce Ministry launched prototype Thai SELECT restaurants to boost Thailand’s soft power on a global scale. Celebrating its 104th anniversary, the ministry hosted the Driving the Thai Economy with Soft Power exhibition, led by caretaker Commerce Minister Phumtham Wechayachai, on the forecourt of its building. Phumtham emphasised the ministry’s dedication to enacting policies aimed at accelerating economic recovery. These…
- Thailand News
Thailand launches price cuts to boost economy before digital wallet
The Ministry of Commerce, in collaboration with 150 manufacturers, retailers, and government agencies, is launching a nationwide price reduction event to alleviate living costs and stimulate the economy before the digital wallet launch. Deputy Prime Minister Phumtham Wechayachai announced that the Ministry of Commerce invited government agencies, consumer goods manufacturers, wholesale and retail chains, the Thai Retailers Association, and other…
- Business News
Commerce Ministry to finalise digital wallet registration
The Commerce Ministry will finalise the registration of two million vendors for the digital wallet handout scheme by September, marking a significant step in the initiative aimed at boosting the economy. Commerce Minister Phumtham Wechayachai announced that up to two million vendors are expected to participate in the scheme. The ministry plans to disclose more details next week regarding the…
- Thailand News
Deputy Thai PM orders plan to boost tapioca market in Korat
Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai visited tapioca farmers in Korat, where he ordered the development of a comprehensive plan to manage prices and urged the expansion of new export markets in the Middle East. During the recent off-site Cabinet meeting in Nakhon Ratchasima, Phumtham met with the Tapioca Association, farmer representatives, and the President of the…
- Thailand News
Ministry of Commerce turns local crafts into economic powerhouses
Tasked with transforming traditional crafts into a potent form of soft power, the Ministry of Commerce has charged the Sustainable Arts and Crafts Institute of Thailand (SACIT) with the mission of preserving the nation’s unique artistic heritage while making it appealing to both the younger generation and international audiences. Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai laid out…
- Thailand News
Finance minister: Digital wallet funds to exclude mobile phones
Deputy Finance Minister Julapun Amornvivat urged the Commerce Ministry to reconsider its decision to permit recipients of the 10,000-baht payout from the digital wallet scheme to use the funds on mobile phones. He argued that this move would not benefit the domestic economy as intended. Prime Minister Srettha Thavisin shares these concerns, noting that most mobile phones are either manufactured…
- Thailand News
Thai trade event forecasts 60 billion baht in deals
Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai praised the THAIFEX–ANUGA ASIA 2024 event, predicting trade deals worth 60 billion baht over five days. The event, held from May 28 to June 1 at the Impact Exhibition Centre in Mueang Thong Thani, was organised by the Ministry of Commerce’s Department of International Trade Promotion, in collaboration with the Thai…
- Thailand News
Would you eat 10 year old rice? Activist demands court intervention
Prominent solo activist Srisuwan Janya approached the Central Administrative Court, seeking an urgent suspension of the Commerce Ministry’s plan to auction off approximately 15,000 tonnes of rice from the scandal-tainted rice pledging scheme of the Yingluck Shinawatra government. In his court petition, Srisuwan highlighted the concerns of numerous rice experts who oppose the auction. They argue that rice stored for…
- Thailand News
Commerce Ministry investigates oil palm price drop
The Commerce Ministry directed the Internal Trade Department to investigate the recent drop in oil palm prices by visiting provinces known for palm plantations. This initiative follows complaints from growers about reduced purchase prices. Commerce Minister Phumtham Wechayachai instructed Wattanasak Sur-iam, director-general of the Internal Trade Department, to assess the situation in Phang-Nga, Krabi, and Surat Thani provinces. The goal…
- Thailand News
Thailand and Bhutan start free trade talks to boost trade by 2025
Thailand and Bhutan yesterday officially began negotiations for a free trade agreement (FTA), aiming to finalise the deal by next year. Deputy Commerce Minister Napintorn Srisunpang confirmed that Bhutanese Prime Minister Tshering Tobgay has signed the terms of reference to initiate the FTA discussions. Both nations see this agreement as a crucial step to enhance bilateral trade and investment, dismantle…
- Thailand News
Thai govt plans to ‘rice’ to the occasion with decade-old grain auction
The Thai government expressed a strong intent to auction off the last remaining stocks of decade-old rice. This move is in line to replenish the state coffers, as made clear by Deputy Prime Minister and Commerce Minister Phumtham Wechayachai, in a recent Facebook post. The aged rice in question is part of the controversial rice-pledging scheme initiated during the administration…
- Thailand News
Ricegate scandal: 10 year old rice stockpile unsafe for consumption
The Thailand Consumers Council (TCC) demanded rigorous quality and safety checks for a colossal 15,000 tonnes of jasmine rice, stockpiled since 2014 under the controversial rice-pledging scheme. The council, joined by an academic from Chiang Mai University, fears the rice may be laced with harmful chemicals, rendering it unfit for human or animal consumption. Deputy Chief of the TCC’s policies…
- Business News
Export woes: March sees customs dip by 10.9%
March witnessed a significant 10.9% drop in customs-based exports from the previous year, according to an announcement by the Commerce Ministry today. The decline was notably more severe than the 4.5% year-on-year fall predicted by a Reuters poll, marking a stark contrast to the 3.6% rise observed in February. Government data revealed a 9.7% and 19.3% decrease in exports to…
- Thailand News
Thai government’s triple referendum approach under scrutiny
The Cabinet will acknowledge the government’s stance on a triple referendum as a part of the process to amend the entire charter next week, according to Deputy Prime Minister and Commerce Minister Phumtham Wechayachai. Phumtham asserted that despite being a protracted process, three referenda would ensure a judicious approach. However, critics have raised concerns that organising the triple referendum, each…
- Business News
Thailand’s CPI sees sixth consecutive monthly decrease
The consumer price index (CPI) in Thailand has seen a decrease for the sixth consecutive month as of March, as reported by the country’s Commerce Ministry. This marks the 11th month in a row that the CPI has fallen outside the target range set by the central bank, which is between 1% and 3%. March’s CPI dropped by 0.47% compared…
