INT 113 Module Six Discussion: Thailand and Economic Integration
Trade Elements (World Trade Organization Country Profile, 2019):
Major Trading Partners
Export trading partners: United States of America 11.4%, European Union (28) 10.3% Hong Kong, China 5.3%, China 11%, Japan 9.6%, Other 52.4%
Import trading partners: China 21.6%, European Union (28) 9.3%, Malaysia 5.6%, Japan 15.8%, United States of America 6.2%. Other 41.5% Major Exports: Agricultural Products 17.1%, Manufactures 74.6%, Fuels and Mining Products 4.1%, Other 4.2%
Major Imports/Exports
Major Imports: Agricultural Products 8.4%. Manufactures 72.7%, Fuels and Mining Products 16.4%, Other 2.5%
Regional Trade Agreements and Member Countries
ASEAN - Australia - New Zealand ASEAN - China ASEAN - India ASEAN - Japan ASEAN - Korea, Republic of ASEAN Free Trade Area (AFTA) Chile - Thailand Global System of Trade Preferences among Developing Countries (GSTP) India - Thailand Japan - Thailand Lao People's Democratic Republic - Thailand Thailand - Australia Thailand - New Zealand Bay of Bengal Initiative on Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) EU - Thailand
Business Observations (Emerging-markets-research.hktdc.com. 2019). :
Rewards of lower tariffs have been seen in Thailand. Regional trade has been booming in recent years.
High tariffs in many areas remain a barrier to market access as well as non-tariff barriers
Thai business climate is positive to foreign investment. Local laws favor domestic companies though in many aspects. Businesses in Thailand must register for and obtain a business license from the Ministry of Commerce. There is a risk for private and foreign investors that government spending could crowd them out.
References
Stat.wto.org. (2019). [online] Available at: http://stat.wto.org/CountryProfiles/TH_E.htm [Accessed 14 Jun. 2019].
Rtais.wto.org. (2019). WT0 | Regional trade agreements. [online] Available at: http://rtais.wto.org/UI/PublicSearchByMemberResult.aspx? MemberCode=764&lang=1&redirect=1 [Accessed 14 Jun. 2019].
Emerging-markets-research.hktdc.com. (2019). Thailand: Market Profile | HKTDC. [online] Available at: http://emerging-markets-research.hktdc.com/business- news/article/Asia/Thailand-Market-Profile/mp/en/1/1X000000/1X003IMW.htm [Accessed 14 Jun. 201