Tuesday, August 11, 2020

Commerce Minister decides not to propose CPTPP for Cabinet consideration

Apr 28. 2020
Jurin Laksanawisit
Jurin Laksanawisit
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By THE NATION

Commerce Ministry said on Monday (April 27) that the minister Jurin Laksanawisit has decided against proposing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to the Cabinet for consideration on Tuesday due to concerns about some issues and the ongoing Covid-19 outbreak.

The proposal was to be made under the resolution of the Bureau of International Economic Policy led by Deputy Prime Minister Somkid Jatusripitak.

The issues of concern include the protection of new plant species and government procurement.

According to studies conducted by related agencies, CPTPP could help Thailand’s economy grow by 0.12 percent of the gross domestic product (GDP) or worth Bt13 billion, while investments could rise by 5.14 percent or Bt148 billion.

However, if the Kingdom decides to stay out of CPTPP, then the country’s GDP and investment will rise by 0.25 percent and 0.49 percent respectively. The study also showed that Thailand will also be losing out on certain commercial benefits if it signs the CPTPP.

The partnership will also be beneficial for Thailand after the Covid-19 crisis is resolved, because international regulations on product standards, food safety, environment, trade, labour and governance are expected to change.

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