BANGKOK, 31 May 2012 – The Deputy Prime Minister and Minister of Finance has stressed that Thailand will not be implementing any form of non-tariff barriers (NTB) to prevent market competition from its foreign rivals.
Speaking at the High-Level Dialogue on the Global Trading System, Deputy Prime Minister and Minister of Finance Kittiratt Na Ranong clearly stated that Thailand will not be imposing non-tariff barriers on its competitors since doing so will only add to the burden of domestic consumers who will be forced to pay more for goods purchase. He further added that the implementation of NTBs will only cause the country to lose its trade partners.
The DPM in charge of economy said that 40 member countries of the World Trade Organization (WTO) have already joined the Generalised System of Preference (GPS), which targets to eradicate corruption while creating transparency in international concessions and procurement. As its first step to show the world Thailand’s transparency in large-scale investment projects, Thailand has joined the GPS. On this occasion, Mr. Kittiratt has also urged non-WTO countries to join the GPS once they are fully prepared to do so.
Meanwhile, WTO Director-General Pascal Lamy said that the global economic slowdown has posed an impact on Thailand, which relies mainly on its export sector. Thus, Thailand should consider turning to its ASEAN partners whose growth rates are becoming higher at present.