trade
- Business News
Thailand to boost trade ties with South Asian nations
Thailand is setting its sights on strengthening ties with South Asian countries to enhance trade in food, energy, and human security sectors across the Southeast region. Foreign Affairs Minister Maris Sangiampongsa, during his visit to India, discussed these ambitions following a meeting with Thai ambassadors and consuls stationed in South Asia. Maris highlighted South Asia’s strategic significance, noting that the…
- Business News
Thailand, US bolster trade ties with focus on high-tech investments
Commerce Minister Pichai Naripthaphan and US Ambassador Robert F. Godec yesterday engaged in discussions focusing on trade tariffs and investment in high-tech sectors, aiming for strategic alignment. During their meeting yesterday, October 17, Pichai emphasised that the talks were crucial for establishing a strategic partnership and bolstering economic ties between Thailand and the US, enhancing both bilateral and investment relations.…
- Business News
Middle East tensions threaten Thai economy with rising oil prices
Geopolitical tensions in the Middle East are having a significant impact on the Thai private sector, as the prolonged conflict between Israel and Hamas extends beyond a year. The ongoing Israeli offensive has led to rising oil prices and shipping blockages, which threaten to affect the Thai economy by increasing inflation and prompting higher interest rates in countries like the…
- Thailand News
Don’t ban TEMU: Thai experts call for enhanced trade standards
Thailand should embrace trade opportunities with China rather than follow Indonesia’s lead in banning the Chinese e-commerce platform TEMU, say experts. In light of Indonesia’s recent decision to prohibit the TEMU application, the International Institute for Trade and Development (ITD) voiced its opposition to a similar move by Thailand. Wimol Pankong, Deputy Director (Academic) of ITD, urged the Thai government…
- Thailand News
UK signs pivotal trade and investment deal with Thailand
The United Kingdom government has finalised a significant trade and investment agreement with Thailand, marking the first such deal since the Labour government assumed office in July. Commerce Minister Pichai Naripthaphan and UK Trade Minister Douglas Alexander signed the enhanced trade partnership agreement in Bangkok yesterday, September 18. The deal seeks to eliminate specific trade barriers, focusing on sectors such as…
- Business News
Thailand’s trade deficit with China rises 15.7% to US$20 billion
Thailand’s Trade Policy and Strategy Office (TPSO) raised alarms about the expanding trade deficit with China. Imports from China surged by 7.12% year-on-year in the first half of 2024, reaching US$37.6 billion (approximately 1.33 trillion baht). This spike resulted in a trade deficit of US$20 billion (around 720 billion baht), marking a 15.7% increase compared to the previous year. Smartphones,…
- Thailand News
Kenyan envoy urges stronger Thai-African trade and academic ties
Thailand and African nations should enhance bilateral trade, investment, and academic exchanges to foster stronger ties and expand business prospects, according to Kenyan ambassador to Thailand, Kiptiness Lindsay Kimwole. Speaking at a press conference yesterday, August 28, Kimwole, who also serves as the dean of the African Ambassadors’ Group, advocated for increased Thai investment in Africa. His comments were made…
- Thailand News
Thai government destroys counterfeit goods worth 325 million baht
Thai officials recently conducted a significant destruction of counterfeit and pirated goods in an effort to combat intellectual property rights violations. The ceremony took place at the Air Defence Command headquarters in Don Mueang, Bangkok, and was led by Deputy Prime Minister and Commerce Minister Phumtham Wechayachai. Phumtham, alongside Deputy Commerce Minister Napintorn Srisangpang, Commerce Ministry Permanent Secretary Wuttikrai Leeviraphan,…
- Thailand News
Thailand’s cross-border trade hits 912 billion baht, up 3.6%
Thailand’s cross-border and transit trade reached a significant milestone, totalling over 912 billion baht in the first half of the year, marking a 3.6% increase compared to the same period last year. The government attributed this growth to enhanced promotion of cross-border trade in recent months. Government spokesperson Chai Wacharonke referencing data from the Department of Foreign Trade, noted that…
- Thailand News
Thailand, China boost trade alliance amid investment opportunities
Thailand and China have engaged in discussions to enhance trade cooperation, focusing on expanding the market for Thai livestock products and fruits in China, while also welcoming Chinese investment in emerging industries within Thailand’s Eastern Economic Corridor (EEC). Deputy Commerce Minister Suchart Chomklin, appointed by Commerce Minister Phumtham Wechayachai, participated in the third meeting of the Sub-Committee on Trade and…
- Thailand News
Thailand to boost exports with soft power in China and Hong Kong
In a move to boost exports, Thailand’s Department of International Trade Promotion (DITP) is targeting China and Hong Kong markets with a potent mix of soft power. From tantalising Thai food to fashion and films, the DITP is pulling out all the stops. DITP Director-General Phusit Ratanakul Seriroengrit announced Monday that eight offices in China and Hong Kong are spearheading…
- Thailand News
Myanmar civil war boosts maritime trade at Thailand’s Ranong Port
Myanmar’s shift to maritime transport for exports due to its civil war is increasing activity at Ranong Port in Thailand, potentially boosting the government’s Land Bridge project. Deputy Transport Minister Manaporn Charoensri indicated that the civil war in Myanmar has disrupted cross-border trade with Thailand, prompting entrepreneurs to use Ranong Port instead of land routes through Tak’s Mae Sot district.…
- Thailand News
Seoul-searching: South korea & Thailand kickstart trade pact talks
The Trade Ministry of South Korea yesterday announced the initiation of negotiations with Thailand to establish an Economic Partnership Agreement (EPA) to enhance bilateral trade and investment. The South Korean delegation, headed by Deputy Minister for FTA Negotiations Roh Keon-ki, is set to engage in discussions with his Thai counterpart, Chotima Iemsawasdikul, in Bangkok through until tomorrow, as reported by…
- Thailand News
NSC to review permanent border checkpoint with Cambodia
The National Security Council (NSC) will thoroughly examine the trade benefits and security concerns surrounding a proposed new permanent border checkpoint with Cambodia, according to a senior official. Police in Trat province are advocating for Ban Tha Sen in Mueang district to be established as a permanent checkpoint following Cabinet approval, pending NSC support. Ban Tha Sen borders Phothisat province…
- Business News
Fiorentine fusion: Ttalian-Thai forum sparks economic amore
The ninth annual Italian-Thai Business Forum (ITBF) was recently held in Florence, Italy, organised by the Thai Chamber of Commerce, the Thai Board of Trade, and the Italian Embassy in Bangkok, the event aims to bolster economic cooperation between the two nations, which have enjoyed 156 years of diplomatic relations. Business leaders from 16 Thai and 13 Italian companies attended…
- Thailand News
Thailand and Malaysia aim for 1 trillion baht trade by 2027
Thailand and Malaysia have set an ambitious goal to boost bilateral trade to 1 trillion baht by 2027, with a focus on enhancing border economic connections through the Twin Cities initiative. Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai outlined the plans following the third Thailand-Malaysia Joint Trade Committee (JTC) meeting in Kuala Lumpur. Phumtham highlighted the strong relationship…
- Business News
Thailand trades up: Digital efforts land 32nd spot on global index
Thailand climbed to the 32nd position out of 65 countries on the Global Trade Modernisation Index (GTMI) 2024, highlighting its moderate performance in digital trade. The Kingdom of Thailand ranked 3rd among ASEAN nations and showed a significant improvement in readiness for digital trade. Chairman of the International Chamber of Commerce (ICC), Montri Mahaplerkpong announced yesterday, June 9, that growth…
- Thailand News
Thai-Malay twin-city initiative to boost southern economic growth
The Thai government announced a collaboration with Malaysia to promote a twin-city concept in the Deep South, aiming to stimulate economic growth and bring peace to the region. Deputy Prime Minister and Commerce Minister Phumtham Wechayachai recently chaired a meeting to review the progress of this initiative, which seeks to transform the longstanding conflict zones into thriving trade hubs through…
- 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
Thailand leads in fresh durian exports to China, 121 tonnes by April
Thailand firmly established itself as the top exporter of fresh durians to China, with over 121,398 tonnes shipped in 2024, according to Global Trade Atlas (GTA) data. Additionally, mango exports to South Korea have surged, influenced by favourable trade agreements. Government spokesperson Chai Wacharong announced that Thailand’s Ministry of Commerce revealed new data showing the country exported fresh durians to…
- Thailand News
Thai trade envoy spices up talks with Shanghai to stir-fry ties
In a significant move to bolster economic ties, Thai trade representative Narumon Pinyosinwat met with Zhao Zhuping, Deputy Secretary-General of the Shanghai municipal government yesterday. The discussion centred on expanding trade and investment between Thailand and Shanghai. “Chinese investors sought the highest number of investment privileges from the Thai government last year.” Narumon noted that 430 projects valued at 160…
- Thailand News
Thailand and EU nearing completion of free trade agreement
Thailand is on the verge of finalising a free trade agreement (FTA) with the European Union within the year, as they collaborate on commitments to halt illegal, unreported, and unregulated (IUU) fishing practices. The Europe Day 2024 celebration, held yesterday in Bangkok by the EU embassy, commemorated the historic event that underpinned the establishment of the EU. Europe Day, observed…
- Thailand News
Commerce Minister aims to boost Thai-Japan trade
The Deputy Prime Minister and Minister of Commerce, Phumtham Wechayachai, embarked on an international mission to amplify Thailand’s soft power and enhance Thai-Japan trade. This trip, scheduled for May 11-12, will take the Minister to Tokyo, Japan, where he will participate in the 24th Thai Festival Tokyo event. Wittaya Maneenet, the Ministry of Commerce spokesperson, clarified that the purpose of the…
- Phuket News
Phuket police crack down on illegal fireworks trade at Patong Beach
Patong Beach in Phuket has seen a boost in police activity in recent days, aiming to put an end to the unlawful trade and use of fireworks. The initiative, which began on May 1, has already led to the arrest of three individuals, including a citizen of New Zealand. Patong Police have been systematically carrying out inspections along the beach…
- Business News
Bitcoin rebounds amid Middle East military escalation uncertainty
Bitcoin, the largest cryptocurrency, recently bounced back from its steepest drop in over a year, marking the beginning of potential volatility across asset markets as investors grapple with the looming prospect of a military escalation in the Middle East. Bitcoin yesterday rose by a maximum of 5.9% and was traded at around US$64,600 as of 11.40am in London. Smaller cryptocurrencies…
- Business News
Thai industries fear trade slump due to Myanmar conflict
The Federation of Thai Industries (FTI) voiced concerns over the escalating armed conflict in Myanmar, predicting a further slump in border trade and a surge in illegal workers from Myanmar into Thailand. The Thailand-Myanmar border trade, valued annually at 100 billion baht (US$2.7 billion), tends to suffer whenever conflict escalates, according to Kriengkrai Thiennukul, chairman of the FTI. “There are…
- Thailand News
Thailand ready to host 100,000 Myanmar refugees amid conflict
Thailand’s readiness to accommodate an influx of 100,000 refugees from Myanmar, due to escalating conflicts, was recently confirmed by Foreign Affairs Minister Parnpree Bahiddha-Nukara. The announcement came in the wake of rebel forces capturing Myawaddy, a border town adjacent to Tak’s Mae Sot district. The minister’s statement followed a meeting held yesterday to discuss the evolving situation in Myanmar. The…
- Thailand News
Potential Australian trade barrier could impact Thai auto exports
The Thai Automotive Industry Association (TAIA) has issued a warning that a prospective trade barrier, set to be imposed on new cars shipped to Australia next year, may impact auto exports. The trade barrier, known as the new vehicle efficiency standard, is a regulation being developed to limit carbon dioxide emissions per kilometre from new cars sold in Australia, according…
- Thailand News
Thailand’s bid to join OECD gains momentum
Thailand’s quest for the Organisation for Economic Co-operation and Development (OECD) membership gains momentum as insiders reveal surprising support from top diplomats. Thailand’s aspiration to kick-start the accession process for OECD membership has garnered significant backing from the organisation’s members, reports a diplomatic insider. The revelation came to light during the inaugural OECD Council meeting held in Paris on Tuesday,…
- Thailand News
Deputy foreign minister backs Mekong region trade
To revitalise cross-border commerce, the Thailand deputy foreign minister made a pivotal visit to Chiang Saen Port on Monday, accentuating its pivotal role in the lower Mekong region. With cross-border trade in Chiang Rai soaring to an estimated 100 billion baht last year, according to the Foreign Ministry, the port’s strategic location where the Kok and Mekong Rivers converge offers…