Latest news with #PichaiNaripthaphan
Business Times
27-05-2025
- Business
- Business Times
Thailand clears plan to exit US intellectual property watchlist
[BANGKOK] Thailand's Cabinet approved a new framework for enforcement of intellectual property rights as the South-east Asian nation seeks to exit from a US watchlist ahead of tariff talks with Washington. The so-called Thailand Intellectual Property Work Plan has been prepared in coordination with the office of the US Trade Representative, and its adoption should pave the way for Thailand's removal from the watchlist, Commerce Minister Pichai Naripthaphan told reporters after a Cabinet meeting in Bangkok on Tuesday (May 27). The framework 'is a demonstration of Thailand's determination to solve the problem of intellectual property infringements,' Pichai said, adding the plan will now be shared with the US Trade Representative's office and various Thai agencies to take remedial steps. Thailand, which has figured in the US watchlist of intellectual property offenders since 2007, worked with the USTR's office to improve the regulatory regime covering trademarks, pharmaceutical patents and copyrights among others, according to a government statement. The lax intellectual property enforcement is among the non-tariff trade barriers cited by the US after Thailand posted a trade surplus of US$46 billion with Washington last year. The Trump administration in April threatened a 36 per cent tariff on Thai exports, which has since been paused for 90 days. Pichai said he expects Thailand and US to hold formal tariff talks within the 90-day deadline. A working group of Thai officials has been regularly engaging with US officials in preparation for formal negotiations, he said. The new framework intellectual property rights calls for amendment to Thailand's Copyright Act to bring it in line with the World Intellectual Property Organization Performances and Phonograms Treaty. That should shield the rights of producers and creators of audio-visual programmes and impose greater civil and financial penalties for offenders. The changes, to be effective from 2027, will help tackle software and online piracy and rights to fair compensation for titleholders, according to the government. Under the new work plan, Thailand may also improve its patent rules to tackle the menace of production, distribution and sale of counterfeit pharmaceutical products. BLOOMBERG
Bloomberg
27-05-2025
- Business
- Bloomberg
Thailand Clears Plan to Exit US Intellectual Property Watchlist
Thailand's cabinet approved a new framework for enforcement of intellectual property rights as the Southeast Asian nation seeks to exit from a US watchlist ahead of tariff talks with Washington. The so-called Thailand Intellectual Property Work Plan has been prepared in coordination with the office of the US Trade Representative, and its adoption should pave the way for Thailand's removal from the watchlist, Commerce Minister Pichai Naripthaphan told reporters after a cabinet meeting in Bangkok on Tuesday.
Business Recorder
26-05-2025
- Business
- Business Recorder
Thai April exports rise 10.2% y/y, above forecast
BANGKOK: Thailand's customs-cleared exports rose 10.2% in April from a year earlier, the commerce ministry said on Monday, beating analysts' expectations. The reading compared with a forecast 9.1% year-on-year increase for April in a Reuters poll, and followed March's 17.8% rise. 'Exports are going to be the hero this year,' Commerce Minister Pichai Naripthaphan told a press conference on Monday. Thailand faces a 36% US tariff if a reduction cannot be negotiated with Washington before a moratorium expires in July. Thai April factory output unexpectedly rises for first time in 19 months The United States has set a 10% tariff for most nations while the moratorium is in place. Discussions with the US Trade Representative have been positive, Pichai said, adding that exports were growing in all markets. Last week, Pichai said exports were expected to beat a target of 2% to 3% growth this year, helped by increased shipments to countries other than the United States.
Reuters
26-05-2025
- Business
- Reuters
Thai April exports slightly above forecast but growth slows
BANGKOK, May 26 (Reuters) - Thailand's export growth slightly beat forecast in April but was slower than the previous month, while the commerce ministry warned of challenges from U.S. tariffs in the second half of the year. Exports (THCEX=ECI), opens new tab rose 10.2% in April from a year earlier, compared with a 9.1% year-on-year increase seen in a Reuters poll, and followed March's 17.8% rise. Exports, a key driver of the Thai economy, should continue to increase in the current quarter, Poonpong Naiyanapakorn, head of the Trade Policy and Strategy Office, told a press conference. In April, exports to the United States, Thailand's biggest market, increased 23.8% from a year earlier, while shipments to China rose 3.2%. Exports of computers and parts surged 75% in April from a year earlier, while shipments of agricultural goods declined 19.6%, with rice export volumes down 37.3% annually. Thailand's exports in the second half of the year will face a risk of U.S. tariffs after a moratorium expires in July, the ministry said in a statement. Thailand faces a 36% U.S. tariff if a reduction cannot be negotiated with Washington before the moratorium ends. The United States has set a 10% baseline tariff for most nations while the moratorium is in place. Discussions with the U.S. trade representative have been positive, Commerce Minister Pichai Naripthaphan told the press conference. Exports should remain "the hero" this year for Thailand, he added. "Our exports have stronger fundamentals. We have more stable market distribution," Pichai said. "Let's not be too pessimistic". In the January-April, exports increased 14% annually. Imports (THCIM=ECI), opens new tab rose 16.1% in April from a year earlier versus a forecast rise of 8.5%. Thailand recorded a trade deficit (THCTR=ECI), opens new tab of $3.3 billion last month, compared with a forecast deficit of $0.80 billion. Pichai said in a worst case scenario, exports should grow more than 4% this year, beating a ministry target of 2% to 3%. Last week, he said exports would also be helped by increased shipments to countries other than the United States.
Business Recorder
23-05-2025
- Business
- Business Recorder
Asian currencies: Thai baht falls against dollar
BENGALURU: The Thai baht surrendered early gains on Thursday after the commerce minister called for a weaker currency to bolster exports, while the Philippine peso lagged regional peers over mounting political uncertainty in the Southeast Asian country. Overall, Asian currencies gained on a weak dollar while equities fell. Thailand's currency fell 0.3% to 32.825 per US dollar after rising 0.5% earlier in the day. Equities in Bangkok traded 0.3% lower. Pichai Naripthaphan, the country's commerce minister, said he wanted a weaker baht to support exports and that a level of 36-37 per US dollar was more suitable. The minister said that Thailand's exchange rate policy was not part of ongoing trade negotiations with the United States. 'The intraday reversal likely reflects how sensitive FX markets are to verbal intervention. When a senior policymaker explicitly says the currency needs to weaken, markets take that as a green light,' said Mohit Mirpuri, equity fund manager at SGMC Capital. 'While fundamentals like tourism recovery and current account surplus support the baht medium term, these types of comments can dampen momentum short term.' The Philippine peso was only marginally higher as mounting political uncertainty in the country capped gains, while stocks fell as much as 1.7% to hit their lowest level since April-end. Political instability has deepened in the Philippines after President Ferdinand Marcos Jr. asked for the resignation of his entire cabinet, following a lackluster performance by his allies in last week's Senate elections. Maybank analysts see support for the peso, including rising inflows, as the country's economy remains relatively sheltered. Meanwhile, the central bank of Sri Lanka surprised markets with a 25-basis-point rate cut in a bid to support growth in a country facing lingering economic issues. The Sri Lankan rupee inched higher while equities in Colombo jumped as much as 0.9% to hit their highest since March 3. Among other currencies, the Indonesian rupiah, Taiwan dollar and its Singaporean counterpart gained up to 0.4%, 0.3% and 0.1%, respectively. 'Asia EM FX has mainly been lifted by market perception that the US is looking for a weaker dollar versus Asian currencies, as part of its efforts to address its deep trade imbalances with several Asian economies,' said Lloyd Chan, FX strategist at MUFG. Stocks in Taiwan, Singapore and South Korea slipped 0.6%, 0.1% and 1.2%, respectively. Investor focus remained on US President Donald Trump's tax bill, set for a congressional vote this week.
