Thailand eyes economic opportunities

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Bangkok – Following Thailand’s assumption of the ASEAN chairmanship, the ASEAN Trade Promotion Association has stressed emerging economic opportunities for the region, despite the uncertain global market.

Former director general of the World Trade Organization (WTO) Supachai Panitchpakdi said the volatile global economy and trade barriers will encourage trading partners of European countries to purchase products from ASEAN countries. Moreover, local resources could meet the growing demands of up to 8 billion people in the future.

He noted that most people and entrepreneurs are not aware of the situation or related legislation that could potentially impact their lives and businesses.

Meanwhile, Permanent Secretary for Commerce, Boonyarit Kalayanamit indicated that ASEAN trade accounts for 100 billion baht or 25% of global trade. Thailand, as the ASEAN chairman this year, will promote local currencies for business transactions to mitigate foreign volatility, and the Single Window System for cross-border trade.