US extends GSP for Thailand, 126 other countries

BANGKOK, July 1 (TNA) - The United States has extended its Generalized System of Preferences (GSP) for Thailand and all other 126 countries which have already enjoyed the trade privileges, taking effect over the next 30 days. Thai Commerce Minister General Chatchai Sarikulya told journalists on Wednesday that US President Barack Obama signed the GSP extension order on June 29, 2015. In case of Thailand, General Chatchai said Washington has extended its GSP for Thai exports by four years and five months, taking two-year retroactive effect and Thai exporters being eligible to claim tax refunds worth about 6.2 billion baht for over 3,400 product items sold earlier. According to the commerce minister, Thailand has enjoyed the second biggest GSP share granted by the United States, or 18.67 per cent, after India, with Thai goods enjoying the GSP privileges including flavored food, ceramic products and sanitary ware. Despite the GSP extension, the Thai commerce minister acknowledged, his ministry adheres to its goal to first boost Thai exports to the US market by 3 per cent this year. The Thai commerce minister admitted that Greece's current debt crisis may affect Thailand's export markets in Europe, where consumers should be more careful in their spending. (TNA)