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Trade Reveals US Cuts GSP Duties, 231 Additional Thai Products, Citing Pork Market Nodes
Date 31 Oct 20 Mr. Keerati Rachano Director General of the Department of Foreign Trade (Ministry of Commerce), Ministry of Commerce revealed that he had been informed by the Foreign Office in Washington about the announcement of the president of the United States, Donald Trump. About the results of the United States Tax Exemption (GSP) review, this time a review of the country’s practice.
It is about opening the market for products and services. Market opening problems for pork and its derivatives Because the United States That the opening of the market for Thai products Not to an equal and reasonable level Although Thailand continues to explain the impacts on public health and sanitation. Effective December 30, 2020
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Is Disqualification The 231 items mentioned above were 147 items that were effectively exercised in 2019 with an estimated import value of US $ 604 million. It is a tax that must be returned at a normal rate of approximately US $ 19 million.
There are products that are affected, such as Automotive equipment, parts and components Car steering wheel, car wheels, gearbox, frame structure, plastic cups, chemicals, fluorine salt Mattresses and rubber or plastic mattresses Tubes and pipes are made of vulcanized rubber. Fine Aluminum Alloy etc.
However, although exports to the US have decreased by 10%, it is unclear if they were due to the disqualification from the GSP. Or by other negative factors, such as the COVID-19 outbreak. According to data tracking, it was found that the most exported items to the US under 20 GSP duties, were the top 10 items exported, such as washing machines, toilets, dishwashers, fruits, spark plugs, some of them. Export can be up to 100%.
While some products such as glasses, nails, switch panels, electrical circuits, fans, wicker, fruit juices have decreased, but they can also be exported to other markets such as China, Hong Kong, Europe and Asia. It also found that some products that Thailand have been disqualified from the GSP, such as frozen fruit, have no impact in Thailand because most of them export fresh fruit to the United States.
“Therefore, disqualification is not a shocking or worrisome matter because Thai entrepreneurs are experienced and develop their manufacturing capabilities to meet buyers’ needs. However, it will continue to work closely with the private sector.Kirati said.
Mr. Kirati He added that the GSP grant is unilateral by the United States. In the past, Thailand and the United States This has been discussed throughout the TIFA (Trade and Investment Framework Agreement) forum.
After this Ministry of Commerce will speed up the coordination process with the United States The United States Trade Representative (USTR) is pleased that Thailand finds a common solution in this regard. Because the GSP right will help Thai exporters and US importers It can reduce the tax burden Which will benefit the economies of both countries
At the same time Ministry of Commerce It has prepared measures to deal with the effects of the suspension of rights. To Help Thai Entrepreneurs Initially, I planned to organize a variety of marketing promotion activities, such as online business matching. For products in demand in the US and new markets, organizing activities to promote Thai products at trade shows in the US and in new markets. Promotion of Thai products on online platforms Allow Thai entrepreneurs to use cross-border e-commerce channels to enter consumers in the US market. And direct new markets
What the Ministry of Commerce discussed And I have always understood with the private sector Prepare for support and focus on marketing strategies that focus on product quality rather than price competition.
Traders can request additional information, including information on impacts, via the LINE app account called “GSP_helper” or the 1385 hotline, including the Department of Foreign Trade website. www.dft.go.th
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