Private sector to cooperate with state-initiated 4-mth price cap scheme

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BANGKOK, 10 May 2012  – The private sector has pledged its cooperation in the government’s goods price-cap scheme. 

Mr. Payungsak Chartsuthipol, Chairman of the Federation of Thai Industries (FTI), said on Wednesday that the meeting of the Joint Private Committee on Commerce, Industry and Banking, which comprises representatives from the Board of Trade of Thailand, the FTI and the Thai Bankers Association, has agreed to cooperate with the government in the implementation of a scheme to cap goods prices for 4 months.

The meeting followed an official notification from the Commerce Ministry, which asked the private sector to lend hands in the price-cap program, aimed at helping consumers cope with the higher cost of living.

Mr. Payungsak noted that business operators, who cannot keep their cost under control, will need to consult with the Committee before any price can be adjusted up.

In any case, he assured that most operators have expressed their readiness to join in the scheme.

Moreover, the FTI Chairman stated that small businesses, particularly retailers and shops, are the worst-hit ones when costs continue to rise.