The Department of International Trade Promotion said Thursday that the new U.S. President Joseph Biden will be good for Thai-American trade relations, noting that the new leader’s decision to maintain his predecessor’s policies towards China will allow Thailand to continue to supply certain goods and will likely increase Thai exports by 4 percent this year.
DITP Director-General Somdet Susomboon assessed the Biden’s policies and foresees them as being positive for the United States’ relations with Asia, creating opportunities for trade and investment avenues for Thai businesses in the U.S.
In particular, highly controlled goods and products, where Thailand’s competitiveness has been reduced, can be sold to the United States. He noted that the president’s decision not to lift tariffs yet on Chinese goods will allow Thailand to continue being a preferred source.
The director-general, nonetheless, acknowledged that there is a risk that the U.S. will increase its dependence on domestically made goods and move away from tax based measures.
Automotive products could be affected by the country’s environmental and electric automobile policies and production bases could be moved out of Thailand, now that the U.S. trade war has alleviated. The agency is also keeping an eye on US fiscal policies, which could affect the Baht.
Regardless, the DITP chief stated that the Ministry of Commerce is to continue expanding Thai exports to the United States, aiming for 4 percent growth this year.
High potential items include pre-cooked food, supplements, household items and Covid-19 prevention items. The ministry is to focus on organizing sales activities and promotions via social media, with plans to stage an online product fair. The office will emphasize the creation of opportunities for Thai manufacturers online and will be launching the TOPTHAI Store on Amazon.com while introducing products to ThaiTradeUSA.com.