US ambassador expects strong growth in trade with Thailand

Despite the concern over slower economic growth in the US, the ambassador expressed optimism that two-way trade with the Kingdom would expand strongly in the coming years.
To strengthen trade growth, she said Washington would love to see Thailand become part of the Trans-Pacific Strategic Economic Partnership (TPP) negotiations underway among the US and eight other Pacific Rim countries.
The other TPP negotiating partners are Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore and Vietnam.
So far, TPP members have set a goal of reaching the outline of an agreement by the Apec (Asia-Pacific Economic Cooperation) Leaders’ Meeting in Honolulu, Hawaii, next month.
The aim of an agreement is to serve as a pathway to Pacific Rim regional economic integration, which would support the creation and retention of jobs in the United States and the other TPP member countries.
“Trade and investment will grow in a good direction. Thailand is an important trading partner for the US. Any form of closer cooperation on trade, economy and connectivity will help strengthen our economies together,” Kenney said.
Thailand is currently the United States’ 24th-largest goods-trading partner with US$31.7 billion (Bt988 billion) in bilateral trade value last year. US exports to Thailand totalled $9 billion, while its imports from the Kingdom were $22.7 billion. The US goods-trade deficit with Thailand was $13.7 billion.
Trade in services with Thailand totalled $3.1 billion in 2008. US exports were $1.6 billion, while imports were $1.5 billion, leaving the United States with a slight surplus.
US foreign direct investment in Thailand was $7.5 billion last year, a 7.1-per-cent increase from 2009. US FDI in the country is led by the manufacturing and banking sectors.
Thai FDI in the US was $160 million in 2010, representing a 21.2-per-cent annual decrease.
As part of the strategy to promote more trade and service opportunities between the two countries, the “USA Fair 2011” will be held at CentralWorld in Bangkok from November 17-20.
American Chamber of Commerce vice president Joe Mannix said more than 50 leading US companies would take part in the event.
Under the theme of “Creative Partners”, the fair will showcase how US products and services can provide Thais and expatriates with an American lifestyle experience, he said.
Ford Asean president Peter Fleet said the fair would be a great opportunity to show the new technology and innovation of Ford Motor in Thailand.
Preecha Prakobkit, managing director of Amway (Thailand), said Amway people were looking forward to creating partnerships with top US brands and continuing to promote products to Thai customers.
Other leading US firms joining the showcase will include Citibank, United Continental and Delta, as well as educational institutes and major foods and other goods companies.
The US assistant secretary of state for East Asian and Pacific affairs, Kurt Campbell, will visit Bangkok next Monday to give a speech on tightening trade cooperation and relations with Thailand and Asean.