Tuesday, March 31, 2020

JSCCIB backs TPP membership, will study ‘Asean hub’ idea

Feb 09. 2016
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By The Nation

The Joint Standing Committee on Commerce, Industry and Banking yesterday came out in support of Thailand joining the Trans-Pacific Partnership, while setting up a working group for the "Asean hub" scheme.

 

 

Supant Mongkolsuthree, president of the Federation of Thai Industries (FTI), said most JSCCIB members agreed with the TPP, considering the overall benefits to and impacts on the country and the state’s assistance to suffering private organisations.

The JSCCIB, which comprises the FTI, the Board of Trade |of Thailand and the Thai Bankers’ Association, will conduct a study |on the country’s potential as |the Asean hub for several industries.

The committee encourages the private sector to join trips that will be organised by the public sector to promote economic and trade relations with other countries.

 

Thai exports this year could face pressure from risks to the global economy, particularly China’s economic slowdown, while the low prices of agricultural products and the drought could delay a recovery in consumption.

Outbound shipments sank 8.7 per cent in December and 5.8 per cent for all of last year. That was the third year in a row for contraction.

Sales slipped to most major export destinations, particularly China and Japan, but were robust to the CLMV countries of Cambodia, Laos, Myanmar and Vietnam.

December’s private consumption continued to see improvement in spending for non-durables and durables, as car purchases ramped up before increases in excise taxes for some models.

In the month, the country’s economic activities warmed up from the government’s stimulus late last year with a consistent gain in confidence.

A highlight was the 21-per-cent jump in foreign tourists last year.

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