19% US tariff a good result, says Prommin
He said on Monday the country has successfully navigated the global trade war sparked by the Trump-era tariff regime, securing a 19% import tax rate on Thai goods entering the US -- a level he described as comparable to regional peers and more favourable than some competitors.
"This was a global crisis, not one faced by Thailand alone," Dr Prommin said.
"But we've now reached a resolution that offers significant advantages for our business sector going forward."
He added that the crisis phase is over, but the government's responsibilities continue. "We now have a clear answer, and that clarity enables us to expand trade and market access."
Thai goods bound for the United States will be subject to a 19% tax, starting on Aug 7.
The rate, markedly lower than the 36% initially set by the US, was announced after the government agreed to eliminate import duties on over 10,000 items imported from the US.
Dr Prommin noted that the 19% rate puts Thailand on a level playing field with regional exporters.
"We're no longer at a disadvantage. In fact, we might even have a slight edge over some countries. We're now in a fair position to compete in the same markets."
Looking ahead, the government will shift focus to economic restructuring, as outlined by Deputy Prime Minister and Finance Minister Pichai Chunhavajira.
On the legal side, Dr Prommin confirmed that once the agreement has passed a special cabinet session and a consensus on the negotiation framework has been reached, it will be submitted to parliament for approval.
"There is a legal process that must be followed. Once we are at that stage, everything will proceed transparently and in line with the law," he said.
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