USABC affirms confidence in Thai economy

BANGKOK, July 25 (TNA) - Business operators from the US-ASEAN Business Council (USABC) have stressed on their business alliance with Thailand, reflecting their confidence in Thailand's potential to become a regional hub for trade and investment. The visiting USABC business delegates, including those from such US leading firms as Caterpillar, Chevron, eBay, PayPal, FedEx, UPS, Ford, Guardian, Time Warner and Coca-Cola, reiterated the stance while meeting with Thai Commerce Minister Apiradi Tantraporn in Bangkok on July 24. While welcoming the USABC delegation, Apiradi also discussed with them on ways to further enhance business ties and expand trade and investment between USABC and Thailand. Apiradi pointed out that Thailand could play a vital role to connect five fellow member countries in the ASEAN Community (AC), including Cambodia, Lao PDR, Myanmar, Vietnam and Thailand, also known as the CLMVT group, to help boost the entire economy, as well as trade, investment and tourism cooperation in the region. The minister said Thailand has also paid attention to and put efforts to steer negotiations to meet cooperation targets under the Regional Comprehensive Economic Partnership (RCEP) between the CLMVT group and all other member countries of the Association of Southeast Asian Nations (ASEAN) and the 10-member bloc's six dialogue partners, namely Australia, China, India, Japan, South Korea and New Zealand. Besides, Thailand has begun cutting taxes for products listed under the Information Technology Agreement (ITA) Expansion of the Geneva-based World Trade Organisation (WTO), along with having revised 165 rules and regulations to meet international standards and to create more favourable environment for global investors, particularly those on trade competition and trademarks. (TNA)