Thai private sector urged to prepare for AEC

BANGKOK, February 28 (TNA) - Thai Deputy Prime Minister and Finance Minister Kittirat Na Ranong has suggested that the local private sector prepare for the formation of the ASEAN Economic Community (AEC) by 2015. Speaking at the ASEAN Business Forum 2012 held in Bangkok on Tuesday, Kittirat encouraged Thailand’s public and private sectors to work together in their collaborative preparations for the single economic community of the 10-member Association of Southeast Asian Nations (ASEAN) over the next couple of years to ensure Thailand's strong competitiveness, amid intensifying business competition with more non-tariff barriers in the zero-tariff ASEAN bloc. According to the deputy premier, the Thai government is working closely with key private entities, including the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) comprising the Thai Chamber of Commerce, the Federation of Thai Industries (FTI) and the Thai Bankers Association, as well as the Federation of Thai Tourism Associations and the Federation of Thai Capital Market Organizations, to well prepare for AEC. The Thai deputy prime minister suggested that local private entities also work out their own plans suitable for their industries in preparations for the AEC, in which they can no longer rely solely on lucrative windfalls from differences in exchange rates. (TNA)