6-1-2024 (BANGKOK) Deputy Prime Minister Phumtham Wechayachai disclosed that the Thai government has called upon the United States to reinstate Generalized System of Preferences (GSP) trade benefits and eliminate the country from its intellectual property (IP) enforcement watch list. These concerns were presented during a meeting with US Ambassador Robert Godec, marking his inaugural courtesy call at the Ministry of Commerce.
The reinstatement of GSP privileges, designed to foster economic development by allowing duty-free entry into the US for select products from 119 countries and territories, was urged to be expedited. In late 2020, the US revoked GSP eligibility for approximately one-sixth of Thailand’s GSP-eligible trade, citing inadequate market access for US pork products. The decision was estimated to result in losses of around $19 million for Thailand.
Deputy Prime Minister Phumtham emphasized the government’s request for removal from the US IP watch list, given improved efforts in IP protection. The US conducts annual reviews under the Special 301 provision, with countries on the watch list facing potential loss of trade benefits if identified problems persist.
The US, in its 2023 report, acknowledged Thailand’s amendments to the Copyright Act, particularly the inclusion of notice-and-takedown provisions for online infringement and prohibitions against circumvention of technological protection measures.
Phumtham and Ambassador Godec reaffirmed the strategic partnership between the two countries, with the Ministry of Commerce expressing readiness to collaborate with the US embassy in enhancing economic relations, promoting bilateral trade, and encouraging investment.
Thailand is poised to engage with the US, particularly in modern technologies like artificial intelligence (AI), electronics, electric vehicles, clean energy, aviation, and pharmaceuticals. In return, the US will support American firms investing in Thailand.
The discussions also covered Thailand’s initiatives to boost small and medium-sized enterprises, amend trade and investment impeding laws and regulations, and leverage free trade agreements for economic growth.
In 2022, the US stood as Thailand’s second-largest trade partner after China, with a trade value of $65.27 billion. Key exports included computers, rubber products, semiconductors, electrical appliances, and jewelry. Key imports comprised crude oil, machinery, electrical circuits, plants and plant-based products, and chemicals.
