Thailand benefits from easing tension on Korean Peninsula

BANGKOK, June 13 (TNA) - The Ministry of Commerce says that the relieving tension in the Korean Peninsula, thanks to a successful meeting between US President Donald Trump and North Korean top leader Kim Jong-un in Singapore on June 12, should benefit Thailand and the world trade. Pimchanok Vonkorpon, Director-General of the ministry's Trade Policy and Strategy Office (TPSO), made the assessment on Wednesday, acknowledging that the signing of a document in Singapore between Trump and Kim after their historic meeting should be a positive sign for the world trade, as the US president announced that it would pave the way for the establishment of a new mechanism to maintain sustainable peace on the Korean Peninsula. Pimchanok explained that Tuesday's agreement between the US and the North Korean leaders would result in more stable world trade, beneficial to global economies, including the Thai economy in terms of rising exports in the long run, as well as international financial, capital and commodity markets. The TPSO chief noted, however, that direct trade between Thailand and North Korea stands at only 2.38 million US dollars last year, or 0.0005 per cent of the Thai Kingdom's total trade, due partly to the Thai government's observation of the United Nations economic sanctions on Pyongyang. The TPSO chief projected if North Korea's international trade resumed, it would also be a good opportunity for Thailand to boost exports to Pyongyang, namely food products and processed fruits, as well as other consumer products, raw materials and machines. Besides, a lift on UN sanctions on North Korea would enable Thailand to export more intermediate products to Pyongyang through China and other third economies. In 2017, the total value of North Korea's international trade stood at about 5.38 billion US dollars, with China maintaining to be its top trading partner at the total two-way trade value of about 5.01 billion US dollars. (TNA)