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US ‘open to talks’ on GSP cuts

US ‘open to talks’ on GSP cuts

BANGKOK: The United States has opened the door for Thailand to pursue talks over its move to suspend benefits under the Generalised System of Preferences (GSP) for Thailand before the measure comes into effect in six months, said government spokeswoman Narumon Pinyosinwat.

economics
By Bangkok Post

Monday 4 November 2019, 08:53AM


Prime Minister Prayut Chan-o-cha (right) and US Commerce Secretary Wilbur Ross attended a bilateral meeting in Bangkok on Sunday. Photo: MFA

Prime Minister Prayut Chan-o-cha (right) and US Commerce Secretary Wilbur Ross attended a bilateral meeting in Bangkok on Sunday. Photo: MFA

Concerns about the suspension were raised during a meeting between Prime Minister Prayut Chan-o-cha and US Secretary of Commerce Wilbur Ross, said Ms Narumon.

According to Ms Narumon, Gen Prayut said he understands the US’ reasoning but hoped that as a long-standing ally, Washington will reconsider before the suspension takes effect.

Mr Ross welcomed future talks on the issue, said Ms Narumon.

On Oct 25, the US said it would suspend $1.3 billion (around B39.2 billion) of benefits under the GSP scheme, and that Thai seafood products would be removed from the programme.

Set to take effect on April 25, 2020, the suspensions cover a total of 573 types of goods.

The government said it would hold talks with the US to restore the benefits and the Asean Summit would provide an opportunity for the prime minister to the matter with the US delegation.

Ms Narumon said Gen Prayut also thanked Mr Ross for bringing with him a group of leading American investors and expressed confidence their visit would lead to an expansion in Thai-US trade and investments.

ZENITHY POOL VILLAS

The prime minister also told the US representative that the government is ready to provide support to American firms, especially those in the targeted industries of aviation, biotechnology and the medical sector.

Gen Prayut also gave assurance the government is committed to streamlining regulations and upgrading infrastructure systems.

According to Ms Narumon, the US secretary of commerce expressed confidence that the visit will boost trade and investment opportunities between the two nations.

Mr Ross is here to attend the 2nd Indo-Pacific Business Forum on Monday which is hosted by the Thai and US business communities.

 

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Kurt | 04 November 2019 - 16:45:47

Thailand has blown the GSP issue way out of proportion, US Commerce Secretary says. ( BP)  Fast strong reaction of the US Commerce Secretary. Wow, that is a blow in direction of a General prime minster. Well, politics are different from army barrack regimental work style. At age of about 70 you not learn the political tricks anymore.  Specially when they are 'international'.

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