Thailand considers CPTPP membership

Thailand’s International Economic Policy Committee has held a meeting to consider the pros and cons of Thailand joining the Comprehensive and Progressive Agreement for a Trans-Pacific Partnership (CPTPP), as well as gathering public input.

17, Feb. 2020

Image by Hessel Visser from Pixabay
Image by Hessel Visser from Pixabay

BANGKOK, NNT/VNA - Thailand’s International Economic Policy Committee has held a meeting chaired by Deputy Prime Minister Somkid Jatusripitak to consider the pros and cons of Thailand joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as well as gathering public input.

Outcomes from this meeting will be proposed to the Cabinet for consideration within this April.

The Department of Trade Negotiations’ (DTN) Director General Auramon Supthaweethum, said on February 15 that as a member of the CPTPP, Thailand may gain an additional 0.12 percent in GDP growth worth 13 billion THB. However Thailand may lose 0.25 percent in economic growth if it chooses not to join the partnership, resulting in a loss of about 26 billion THB.

She said the CPTPP will provide opportunities for Thai products to hit new markets in countries without existing FTA agreement with Thailand, such as Canada and Mexico, while certain products such as rice, rubber, canned pineapple, vehicles, and electronic appliances would benefit from the new partnership.

The DTN is collecting related information to propose to the Cabinet for consideration before this April, which should allow enough time for the government to prepare should it decide to move forward with CPTPP negotiations, at a ministerial meeting of member states scheduled for August. - VNA