US-China trade retaliation not significantly affect Thailand

BANGKOK, May 11 (TNA) - The ongoing trade retaliation between the United States and China has not significantly affected Thailand and the tit-for-tat move between the two major trading partners appears to be relieving towards a peaceful settlement in the near future. Pimchanok Vonkorpon, Director-General of the ministry's Trade Policy and Strategy Office (TPSO), spoke of the assessment on May 10, following a meeting between her office and other relevant economic agencies, namely her ministry's other departments, the Bank of Thailand (BOT) and those of other ministries, to jointly discuss and analyze impacts on Thailand from the trade protectionist policy between Washington and Beijing for the sake of a national response timely and practically. Pimchanok told journalists the meeting agreed that the tit-for-tat trade policy between the immense US and Chinese markets has not significantly affected Thai exports and exporters of some Thai products have even benefited from the US-China ongoing trade war, including those of machineries and electric machines and accessories, worth about 0.12-1.20 billion US dollars. Pimchanok said the meeting also concluded that Thailand should gain a net benefit from the trade protectionist policy between Washington and Beijing as the total value of Thai exports to the US market normally outpaces the total value of Thai exports to the Chinese market even though some exports of Thai products have been negatively affected by the ongoing tit-for-tat move between the two major trading partners, including steel products. The senior official stated that based on her office's assessment and discussions at the meeting on possible impacts on Thailand from Washington's imposition of the Section 301 under the 1974 Trade Act, there are some risk factors from China's trade diffusion policy currently in response to the US trade restriction move, including more flows of imported goods from China to Thailand, worth about 1.18 billion US dollars, and to such other rival markets as Hong Kong, Japan and India, which have had some negative impacts on Thai producers and create more competition for Thai exporters, with an overall impact worth about 1.98 billion US dollars. According to the senior official, the meeting proposed that Thailand explore more exporting markets through bilateral trade channels and attract more foreign investment projects into the government's targeted industries for the sake of further national economic expansion and technological transfer and advancement. The TPSO chief acknowledged the meeting assessed that the ongoing trade war between Washington and Beijing is relieving and should come to an end in the near future, noting that the relevant economic agencies have kept monitoring the updated situation to prevent serious negative impacts on the Thai economy timely. (TNA)