The US plans to renew the Generalized System of Preferences (GSP) scheme for Thailand to strengthen trade relations and promote economic cooperation, focusing on supply chain development and modern industries.
Strengthening Trade Relations with the US
The Commerce Minister of Thailand, Mr Phumtham Wechayachai, held a meeting with US Secretary of Commerce Gina Raimondo to enhance trade relations between the two countries and discuss the renewal of the Generalized System of Preferences (GSP) scheme for Thailand. The GSP program, established in 1974, aims to promote economic development by eliminating duties on imported products from designated beneficiary countries and territories.
Reinstatement of Generalized System of Preferences (GSP) for Thailand
The United States has decided to reinstate the GSP scheme for Thailand, focusing on strengthening trade ties. In talks between Thailand’s Commerce Minister and US officials, discussions revolved around trade collaboration, the Indo-Pacific Economic Framework, and the enforcement of intellectual property. The US is eager to renew the GSP scheme, highlighting the potential for mutual trade benefits.
Emphasis on Economic Cooperation and Supply Chain Development
Both Thailand and the US are committed to enhancing economic relations through bilateral trade and investment, with a special emphasis on supply chain development and modern industries. The Indo-Pacific Economic Framework (IPEF) negotiations have progressed significantly, with a shared goal of driving economic cooperation and connecting supply chains in the region. The meeting underscored the importance of the Thailand-US alliance and trade partnership, signaling a promising future for economic collaboration.
Source : US to renew Generalized System of Preferences (GSP) scheme for Thailand