Thailand's trade competition policy direction will focus on the adaptation of businesses to cope with rapidly changing trade measures and balancing the interests of agriculturists, business operators and consumers.
Yanyong Puangraj, advisor to Deputy Prime Minister Phumtham Wechayachai, delivered a keynote speech on competition policy at a seminar entitled "TCCT Competition Policy Symposium 2024: An Optimal Competition Policy For Thailand" hosted by the Trade Competition Commission of Thailand (TCCT) in collaboration with the International Trade Centre (ITC) on July 15-16.
Mr Yanyong said that in terms of the current work of the government and the Commerce Ministry, Commerce Minister Phumtham Wechayachai places great emphasis on the adaptation and preparedness of Thai businesses to cope with rapidly changing trade measures and global sustainability trends, in particular small and medium-sized enterprises (SMEs), which are one of the key factors driving the country's economic development.
Key policies would include promoting and supporting small entrepreneurs to enhance their ability to cope with intense and fast-changing competition in the modern market, balancing the interests of various stakeholders such as agriculturists, business operators and consumers to ensure stability, sustainability and mutual benefit, as well as enhancing the skills, knowledge and marketing capabilities necessary for entrepreneurs to be creative and competitive in the new trade environment.
Thailand's competition law is undergoing wholesale review and revision to make enforcement more efficient and predictable.
The revision includes a clarification of the standards used to judge anti-competitive behaviour through inclusive engagement with all stakeholders, according to the trade and competition policies stipulated in the National Economic and Social Development Plan.
"The symposium will play a pivotal role in crafting competition policies tailored for Thailand, which are crucial for advancing the National Economic and Social Development Plan," said Mr Yanyong.
"The policies will align with commitments under the World Trade Organisation, free trade agreements, and various economic cooperation agreements. Effective and clear regulations on free and fair trade competition are essential, driven by independent mechanisms. Ultimately, these will enable domestic businesses to compete on the global stage."
Raksagecha Chaechai, commissioner of the TCCT, said the symposium was expected to yield valuable insights for both short-term and long-term actions. These include streamlined operations, legal amendments, and regulatory revisions.
Furthermore, representatives from various sectors, such as legislative bodies, judicial systems, the National Economic and Social Development Council, the academic and private sectors, as well as international agencies, exchanged perspectives and experiences and provided policy recommendations on various competition-related issues. These issues included market concentration, competition and economic development, trade policy development, digital market competition regulations, environmental competition policies, and public procurement competition policies, along with the adaptation of Thailand's competitive ecosystem to global trends.