Prime Minister Paetongtarn Shinawatra recently received a proposal from the private sector suggesting adjustments to trade laws to encourage economic growth. The proposal, presented by the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) chairman Sanan Angubolkul, highlighted legal barriers that are hindering trade and causing significant damage to the economy annually.
In response to this proposal, government spokesman Jirayu Houngsub announced that Prime Minister Paetongtarn Shinawatra has tasked Finance Minister Pichai Chunhavajira with collaborating with businesses to address these issues promptly. The Prime Minister emphasized the need to amend laws that impede trade growth, as Thailand’s economy has been experiencing slow growth over the past decade.
The private sector’s white paper presented four key points for consideration: economic stimulus measures, assistance for small and medium-sized enterprises, water management strategies, and initiatives to boost the country’s competitiveness. One of the major concerns highlighted was household debt, which the government aims to tackle by increasing household income and addressing non-performing loans for properties and vehicles.
Additionally, the Prime Minister instructed the Public Sector Development Commission Office to engage with government agencies to identify and amend laws that are obstructing economic progress. These legal obstacles, including delays in issuing production, trade, and import licenses, are estimated to be costing the economy up to 100 billion baht annually. The government aims to streamline these processes and reduce unnecessary bureaucratic steps.
Moreover, efforts are underway to regulate the influx of low-cost Chinese products sold online in the domestic market. Importers of online products will be required to register in Thailand and adhere to the country’s tax regulations. Products must also meet certification standards set by the Thai Industrial Standards Institute, with food items needing approval from the Food and Drug Administration.
Looking ahead, the National Economic and Social Development Council (NESDC) forecasts a modest economic growth of 2.3-2.8% in 2024, driven by factors such as increased tourism, higher consumer spending, government investments, and a gradual recovery in exports. This projection marks an improvement compared to the growth rates of 1.6%, 2.5%, and 1.9% observed in the previous three years.
In conclusion, the government is committed to addressing the challenges highlighted in the private sector’s proposal and working towards creating a more conducive environment for trade and economic development. By streamlining regulations, boosting competitiveness, and monitoring key economic indicators, Thailand aims to foster sustainable growth and prosperity for its citizens.