Thailand Unveils Trade Boost Plan: Doubling Rice Exports to China, US Trade Deal by 2025
Thailand's Ministry of Commerce has unveiled a comprehensive plan to boost trade, support businesses, and improve citizens' lives. Minister Suphajee Suthumpun presented key policies at an online meeting with ministry executives and trade attachés.
The ministry has prioritised seven areas for swift action under the 'Quick Big Win' framework. One key goal is to increase rice exports to China, aiming to double the volume from 280,000 to 500,000 tonnes. Additionally, the ministry plans to negotiate Memorandums of Understanding (MOUs) with Japan and Singapore to preserve quotas.
To support local businesses, the ministry will provide market access, technology development, and credit support to small and medium enterprises (SMEs). Over 1,300 Thong Fah fairs will be organised annually, saving citizens over THB 5 billion.
In the international arena, the ministry aims to finalise the Agreement on Reciprocal Trade (ART) with the US by December 2025. It will also explore potential markets in the Middle East, South Africa, South Asia, and ASEAN for trade expansion. Minister Suthumpun has investigated several countries, including India, Australia, New Zealand, Brazil, Mexico, Chile, Peru, and ASEAN nations, as part of her seven short-term trade initiatives.
To reduce healthcare expenses, the ministry will collaborate with private hospitals to disclose medicine prices externally, aiming to save THB 32.4 billion. Furthermore, it will support residents and small businesses in seven border provinces affected by unrest through budget-friendly fairs and free shipping. The ministry will also revise laws and regulations that hinder business and implement AI for supply-demand analysis.
The Ministry of Commerce's strategic plan focuses on increasing exports, supporting SMEs, and improving citizens' lives. By December 2025, it aims to double rice exports to China, finalise the ART with the US, and explore new markets. The ministry also plans to save citizens THB 32.4 billion in healthcare expenses and support businesses in border provinces.
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