The Commerce Ministry vows to beef up exports of products related to global megatrends, particularly in the bio-, circular and green (BCG) economy, soft power and carbon market to help rehabilitate the economy battered by Covid-19 and the Russia-Ukraine war.
In his keynote speech at a seminar on zero carbon, Commerce Minister Jurin Laksanawisit said Thailand's trade strategies need to be rejigged and focus more on products that are described as global megatrends such as BCG, the creative economy or soft power and zero carbon emissions.
"Thailand is facing myriad economic difficulties, be it the persistent pandemic, the trade war and the impact of Russia's invasion of Ukraine which have disrupted global commerce, pushed up oil prices, threatened food supplies and increased uncertainty already heightened by the coronavirus," he said.
"Such factors recently prompted the International Monetary Fund to downgrade the world's economic growth forecast to 3.6% from previous projections of 4.4% and 6.1% in 2021."
According to Mr Jurin, despite the anticipated tourism recovery thanks to the country's reopening, exports remain the key driver to help shore up the economy and the sector is expected to encounter more difficulties brought about by new challenges.
In 2026, the EU will charge tariffs preliminarily on five products: cement, aluminium, fertiliser, electric energy production, and iron and steel.
In addition, the United States, which is the largest export market of almost all countries, is mulling collecting a carbon tax on imported products in the future, with the products expected to encounter a carbon tax to include steel, aluminium, cement, natural gas and petroleum, said Mr Jurin.
"Such measures may affect Thailand, especially the manufacturing sector which needs to be free from carbon," said Mr Jurin. "Nonetheless, the government has realised such threats and already declared achieving carbon neutrality by 2050 and net-zero greenhouse gas emissions by 2065 as part of the long-term ambition on climate action."
According to Mr Jurin, Thailand also established the Greenhouse Gas Management Organisation to handle the reduction of greenhouse gas emissions.