Bangkok: Deputy Prime Minister and Minister of Commerce, Supajee Suthamphan, has underscored Thailand's commitment to fostering a balanced and multipolar trade environment. She emphasized the importance of openness and risk diversification to reduce dependency on major markets and create new opportunities for sustainable growth.
According to Thai News Agency, Supajee outlined a strategic vision for Thailand's trade policies, highlighting the necessity to look beyond merely increasing export value. She stressed the utilization of trade as a tool to unlock markets, value, opportunities, and confidence amidst challenges from geopolitics, technology, trade barriers, sustainability, and shifting supply chains. Supajee's approach aims to adapt Thailand's trade policies to the realities of a multipolar economy by promoting partnerships with all countries and mitigating over-reliance on concentrated export markets.
Supajee emphasized the need for Thailand to accelerate the creation of alternative trade options. This involves leveraging free trade agreements (FTAs), trade negotiations, trade delegations, and various cooperative measures to open new markets and diversify export bases. She highlighted Thailand's strengths in agriculture, manufacturing, tourism, and its strategic location in Asia, which supports connectivity and global supply chain integration.
Addressing existing gaps, Supajee identified the need to shift focus from quantity to value creation through branding, intellectual property, and standards. She also emphasized the importance of expanding market access for SMEs and MSMEs, which currently contribute significantly less to export value compared to larger corporations. Supajee proposed a "4 Unlocking" strategy: unlocking markets, values, opportunities, and trust to foster economic growth and resilience.
The collaboration between public and private sectors is seen as crucial, targeting areas such as the creative economy, agriculture, SMEs, and international trade to remove limitations and shift from quantity to value. Supajee's vision includes achieving quick wins within 6-12 months and setting long-term goals for economic restructuring and growth.
Supajee conaluded by reiterating the need to balance short-term problem-solving with strategic long-term opportunities, aiming to build Thailand's capacity for sustainable growth in a changing global landscape.