Thailand
sees a golden chance to create understanding about the current flooding
situation at the Asia-Pacific Economic Cooperation (Apec) Summit this weekend.
Nuntawan Sakuntanaga, director-general of
Thailand's Export Promotion Department of the Commerce Ministry, said Wednesday
that the government hoped to boost foreign investor confidence by explaining to
the international arena that Thailand has clear plans to restore growth after
the severe floods. The inundation has not totally destroyed trade and
manufacturing, but only parts of some industries.
Leaders from the 21 economies across Asia and
the Pacific will gather in Honolulu from Thursday to Sunday to discuss various
economic matters. However, because of the crisis at home, Thai Prime Minister
Yingluck Shinawatra has cancelled her attendance at the summit and is
dispatching Deputy PM Kittiratt Na-Ranong in her place.
The Apec Summit will showcase the progress of
talks on the US-led Trans-Pacific Partnership (TPP).
According to the report of the Thai Trade
Representative in Tokyo, Japanese Prime Minister Yoshihiko Noda will announce
that Japan will join the TPP negotiations during the Apec leaders' meeting on
Saturday.
Japan became highly concerned over its competitiveness
against TPP members in penetrating the US market, he said.
The report shows that Japan's gross domestic
product will increase by 0.54 per cent or 2.7 trillion yen (US$34.8 billion) in
10 years if it joins the TPP. However, if it does not join, it could lose 1.53
per cent in global trading and 800,000 jobs.
The Japanese Forestry and Fishery Department
has objected to the plan to become a member of the TPP, saying it could cause
losses in the agricultural sector and a loss of food self-sufficiency by
allowing more food imports.
The United States is already negotiating with
eight prospective TPP members - Australia, Brunei, Chile, Malaysia, New
Zealand, Peru, Singapore and Vietnam. The US has trade agreements with several
of these nations and is interested in reducing tariffs with other countries. If
those countries and Japan succeed in their TPP negotiations, Thailand could be
left behind and lose competitiveness in terms of accessing the US market,
Nuntawan said.
The department has reported that Thailand's
trade with Apec countries expanded in the first nine months of this year.
Exports from Thailand to Apec economies rose 26 per cent to US$124.14 billion,
while imports increased 27 per cent to US$118.82 billion.
Petchanet Pratruangkrai
The Nation (Thailand)
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