Minister of Commerce Phichai Naripthaphan has announced a series of economic measures following Prime Minister Paetongtarn Shinawatra’s reception of a white paper from the Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB). The document calls for swift action on low-quality imports, advancing Free Trade Agreement (FTA) negotiations, implementing digital solutions for businesses, and shutting down companies linked to fraudulent “ghost accounts.”
To address low-quality imports and illegal foreign businesses, the Ministry of Commerce will lead a new committee to coordinate efforts among multiple agencies. This committee is tasked with taking streamlined actions against substandard imports and enforcing regulations on businesses violating standards. The first meeting is scheduled for October 30, with a target to demonstrate progress within three months.
The ministry is also advancing FTA negotiations with several countries to boost trade and investment. Among these, Thailand is working toward its first FTA with the European Free Trade Association (EFTA), comprising Iceland, Liechtenstein, Norway, and Switzerland, with hopes to finalize the deal by year-end. This would make Thailand the first ASEAN country to secure an FTA with EFTA. Other ongoing negotiations include FTAs with the European Union, Pakistan, Bhutan, the UAE, and India, potentially expanding Thailand’s current portfolio of 15 FTAs.
The Commerce Ministry has also launched “OCS Connect,” a digital platform allowing businesses to handle registration, licensing, and customs export procedures in one place, reducing time and paperwork. The ministry, in partnership with the Anti-Money Laundering Office and the Ministry of Digital Economy and Society, is introducing measures to prevent the establishment of companies linked to ghost accounts. The Department of Business Development will screen high-risk individuals, requiring them to appear in person, enhancing security and transparency in business registrations.
Source: NNT
Commerce Ministry Reveals New Economic Strategies and Updates on Free Trade Agreement Progress
