Thailand follows up US trade measure

BANGKOK, March 6 (TNA) - The Thai government, through the Ministry of Commerce, is closely following up updates of the US government's plan on imposing hefty tariffs on steel and aluminum imports, but Thailand is not joining a move of other trading partners in filing a complaint against the United States with the Geneva-based World Trade Organization (WTO). Commerce Minister Sontirat Sontijirawong told journalists of the official stance on March 5, aimed at preparing an action to timely cope with and ease any possible negative impact on the Thai economy from the US planned measure. Sontirat said his ministry has also estimated that Thai exports to the US market should still grow by about 7 per cent year-on-year on average in 2018 as targeted earlier. According to the minister, his ministry is, however, exploring new markets and economic opportunities for Thai exporters through the development of strategic partnership with allied economies in many regions at all levels, including the national, state and city levels, in order to realize demands and purchasing power of the targeted markets with different levels. Besides, the Thai Ministry of Commerce, plans to hold talks and establish more free trade areas (FTAs) with more trading partners as additional markets for Thai exporters. The commerce minister's remarks were in response to media reports that the Thai government, through his ministry, is joining forces with other trading partners affected by the US planned measure in lodging a complaint against Washington with the WTO. The minister explained that Washington has not yet implemented any action under the Article 232 of its Trade Expansion Act, but US President Donald Trump gave an interview last week that his administration plans to raise imported tariffs on steel and aluminum as high as 25 per cent and 10 per cent respectively following a recent probe on imported products which may threaten national security of the United States. The minister revealed that Washington planned similar moves in the past on some other imported products, including crude oil, but it finally decided not to impose any hefty tariff on the targeted product. (TNA)