Pichai assures US congressional delegation of commitment on bilateral trade deal
Pichai reaffirms Thailand’s commitment to US trade deal, pledging tariff cuts, import increases and peaceful resolution of Cambodia border tensions.
Deputy Prime Minister and Finance Minister Pichai Chunhavajira has assured a visiting US congressional delegation of Thailand’s commitment to honouring the bilateral trade deal with the United States, a senior official said on Wednesday.
Meeting with US delegation
Pornchai Teeravej, director-general of the Fiscal Policy Office (FPO), said Pichai met the delegation led by Representative Beth Van Duyne on Monday at the Ivory Hall of the 150th Anniversary Building of the Finance Ministry.
Both sides discussed key issues, including trade deficits and import tariffs, Pornchai said. Pichai expressed gratitude for Washington’s decision to lower import tariffs on Thai products from 36% to 19%.
Thailand pledges to honour trade commitments
Pichai reaffirmed to the US delegation that Thailand would fully comply with the conditions of the trade deal. These include increasing imports of US agricultural products, energy supplies, and arms, as well as reducing non-tariff barriers for American goods.
Pornchai said the delegation noted Thailand’s strong investment potential and also raised questions about the country’s public debt levels.
Public debt ratio explained
Pichai responded that Thailand’s current public debt stands at 64.2% of GDP, with almost all of it — except 0.8% — being domestic debt.
Broader issues raised
Other issues discussed included intellectual property rights violations, financial fraud, and human rights, particularly labour rights. Pichai assured the delegation that Thailand has measures in place to protect both Thai and migrant workers and that labour laws have been improved to align with international standards.
Border situation with Cambodia
The Thai finance minister also stressed that Thailand would continue to use peaceful means to address border tensions with Cambodia and does not want to see the conflict escalate, Pornchai concluded.
