Soybean, coconut imports prepped to sustain supplies
Commerce Minister Jatuporn Buruspat chaired this year's first meeting of the Oilseed and Vegetable Oil Committee, which considered and approved several issues to ensure a steady and adequate supply of raw material for factories that rely on soybeans and coconuts, while still continuing to protect local farmers.
He said the goal is to stabilise crop prices while also supplying sufficient raw materials for industrial uses.
The panel agreed to open the market and manage imports of soybean meal for human consumption and other industrial uses, in line with Thailand's commitments under the World Trade Organization (WTO) Agreement on Agriculture and related free trade agreements (FTAs) for 2025-2027.
The committee also decided to implement a three-year import management plan for soybeans (2026-2028) to support the oil extraction, animal feed production, and food processing industries. A supervisory subcommittee comprising government agencies, soybean farmers, and private sector representatives was established to oversee this process.
Another goal is managing the market opening and import of soybean oil and its fractions, coconuts, desiccated coconut, and coconut oil from 2026-2028, in accordance with Thailand's commitments under the WTO Agreement on Agriculture and other FTAs. The imports will be based on domestic market demand.
Mr Jatuporn said the meeting aimed to establish an effective management mechanism for oilseed and vegetable oil products, prioritising the interests of Thai farmers.
He said collaboration between the public and private sectors is crucial to ensure fair pricing for farmers while securing essential raw materials for industries.
The initiative aims to bolster food security, enhance national competitiveness, and promote related exports, while maintaining a sustainable balance between farmer protection and industrial needs.
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