Upgrade in TIP report would boost seafood exports
Thailand's seafood exports to the United States tend to rise if the Kingdom's ranking in the Trafficking in Persons report is upgraded to Tier 2, said an economist of Maybank Kim Eng Securities.
"Economically, the improvement will improve the image of Thai products in the world community and benefit Thailand’s vital seafood industry. The US markets will buy more Thai products," said Tim Leelahaphan.
Thailand exports seafood worth around US$6 billion or approximately Bt200 billion a year. Of total, 30 per cent is destined to the US market, 30 per cent to Japan and 10 per cent to the euro zone.
In a research note, Tim expected the Thai government to continue to completely eliminate the human trafficking problem, to move to Tier 2 (without Watch List) and even Tier 1.
Thailand was downgraded to Tier 3 in June 2014.
Tim also mentioned that Thailand was also anxiously awaiting for the European Union's decision on illegal, unregulated, and unreported (IUU) fishing. Observers see Thailand will not be hit with a red card. The worst case could be that the yellow card will be maintained, which means Thailand has more time to fix all pending problems.
