US, Thailand Complete TIFA Meeting

22/01/2013    20

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On January 17, the United States and Thailand concluded a two-day meeting under their Trade and Investment Framework Agreement (TIFA), agreeing to expand cooperation on bilateral, regional, and multilateral issues in order to increase trade and investment.

Amongst trade matters, the US and Thai teams discussed advancing the US-Association of Southeast Nations (ASEAN) Enhanced Economic Engagement Initiative, announced by President Obama and ASEAN Leaders last November, as well as ways to coordinate their approaches in the Asia-Pacific Economic Cooperation and the World Trade Organization.

During the meetings, the US also provided an update on the status of the Trans-Pacific Partnership negotiations, and outlined the agreement's goals and objectives.

The delegations were said to have focused on ways to expand goods, services, and agricultural trade, improve the protection and enforcement of intellectual property rights, and resolve other issues affecting business. For example, the US raised concerns related to Thai import restrictions on pork products and regulations that would restrict foreign participation in the Thai telecommunications sector.

Thailand is a key ASEAN trading partner for the US. Currently, the US is Thailand's fourth largest trading partner and Thailand is the 27th-largest trading partner of the US, with USD40bn in bilateral goods and services trade in 2011. Major US exports to Thailand include electrical machinery and equipment, chemicals, metals, plastic, and cotton. The US has also invested more than USD11bn in Thailand led by investment in the manufacturing and services sectors.

 

On January 17, the United States and Thailand concluded a two-day meeting under their Trade and Investment Framework Agreement (TIFA), agreeing to expand cooperation on bilateral, regional, and multilateral issues in order to increase trade and investment.
Amongst trade matters, the US and Thai teams discussed advancing the US-Association of Southeast Nations (ASEAN) Enhanced Economic Engagement Initiative, announced by President Obama and ASEAN Leaders last November, as well as ways to coordinate their approaches in the Asia-Pacific Economic Cooperation and the World Trade Organization.
During the meetings, the US also provided an update on the status of the Trans-Pacific Partnership negotiations, and outlined the agreement's goals and objectives.
The delegations were said to have focused on ways to expand goods, services, and agricultural trade, improve the protection and enforcement of intellectual property rights, and resolve other issues affecting business. For example, the US raised concerns related to Thai import restrictions on pork products and regulations that would restrict foreign participation in the Thai telecommunications sector.
Thailand is a key ASEAN trading partner for the US. Currently, the US is Thailand's fourth largest trading partner and Thailand is the 27th-largest trading partner of the US, with USD40bn in bilateral goods and services trade in 2011. Major US exports to Thailand include electrical machinery and equipment, chemicals, metals, plastic, and cotton. The US has also invested more than USD11bn in Thailand led by investment in the manufacturing and services sectors.

January 20, 2013

Source: Tax News

 

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