In the long run, Donald Trump’s protectionist policies may put an end to the Trans-Pacific Partnership, resulting in what could be a huge drop in Thai exports, says Thailand’s Commerce Minister.
On 9 November 2016, Apiradi Tantraporn, Thailand’s Minister of Commerce, congratulated the new US president-elect Donald J. Trump on his victory. Apiradi was, however, concerned that Trump’s strong stance against free trade will negatively affect Thailand’s economy, reported Thai News Agency.
Apiradi predicted that in the short term, the election result will barely affect Thailand’s economy. In the long run, however, Trump may seek to renegotiate the Trans-Pacific Partnership (TPP) to make it more beneficial to American citizens.
The change will make it more difficult and costly for Thailand to export products to the US. Thailand may have to find other partnerships to maintain the nation’s economic interests since the US is one of the country’s crucial export partners, explained the Minister.
In 2015, Thailand’s exports to the US was valued at more than 24 billion USD which is 11.2 per cent of the country’s total exports. Most export products are electronics, rubbers, jewelries, textiles and processed foods.
Thailand is not a current member of the TPP but it initiated a feasibility study after current President Barack Obama’s visit to Thailand in 2012. Thailand is expected to make its decision on the TPP in 2017.