BANGKOK (Reuters) -Thailand is committed to creating a fair relationship in trade and investment with the United States, the finance minister said on Tuesday as the Southeast Asian nation seeks talks with Washington to head off threatened tariffs.
Thailand faces a 36% U.S. tariff if a reduction can’t be negotiated before a moratorium expires in July. The U.S. has set a 10% tariff for most nations while the moratorium is in place.
More collaboration was expected in the energy sector, Pichai Chunhavajira told a Thai-U.S. investment forum, with Thailand keen for partners in green energy and interested in working with U.S. biotech, food processing, and wellness companies.
Thailand has submitted a proposal to Washington that aims to address the trade imbalance, including by enhancing market access for U.S. exports, tackling transshipment violations, and Thai investment that would create U.S. jobs, he said.
“On enforcing anti-circumvention, these policies are being translated to action now,” Pichai said, referring to goods from other countries being shipped as if they originated from Thailand.
He estimated the measures could cut the U.S. deficit by up to $15 billion, but he did not say by when this would happen.
“I am positive that we have a strong set of practical and viable proposals that can effectively lead to win-win results,” he said.
The United States was Thailand’s largest export market last year, accounting for 18.3% of total shipments worth $55 billion. Washington has put its trade deficit with Thailand at $45.6 billion.
(Reporting by Chayut Setboonsarng; Writing by Orathai Sriring; Editing by John Mair)
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