The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is calling on the government to have representatives from the business sector jointly form a "Team Thailand" to deal with the impact of new US policies under the Donald Trump administration.
The participation of the private sector is important and supports the panel's proposal for the government to set up a war room to assess changes in US economic policies, noted JSCCIB.
"We are worried Trump's policies will affect international trade, investment and industries in Thailand," said Kriengkrai Thiennukul, chairman of the Federation of Thai Industries (FTI), who chaired a JSCCIB meeting on Wednesday.
A major concern is Trump's policy of increasing tariffs on imports to the US. The US president previously announced a tariff hike on products from Canada and Mexico, then quickly changed his mind after markets plunged and the two countries reached agreements with their neighbour on border and drug policies, according to media reports.
Washington imposed a 10% tariff increase on Chinese products, effective from Feb 4, triggering a new round of trade policy reprisals.
The JSCCIB is worried a tariff hike will be applied to Thai goods because the nation has a trade surplus with the US. Thailand could face tariffs of 10-20% on its exports under the Trump administration, according to an FTI estimate.
The country had a trade surplus with the US of around US$20 billion in 2020. The surplus later increased by 11%, making Thailand the 12th-largest current account surplus holder with the US last year.
Thailand annually exports products worth $47 billion to the US, representing 17% of total exports.
Sanan Angubolkul, chairman of the Thai Chamber of Commerce, supports the idea of having entrepreneurs working closely with officials to deal with issues related to US policies.
"The JSCCIB wants to join Team Thailand to cope with the impact of the new trade war," he said.
The US-China trade war may cause Chinese companies to export more products to Southeast Asia, worsening the influx of low-cost Chinese products into the Thai market, which already affects 23 industrial sectors. The number of affected sectors may reach 30 this year.
The JSCCIB agrees with assigning lobbyists to talk to US authorities on economic issues.
Mr Kriengkrai said earlier he believes lobbyists can help Thailand ensure shared benefits through win-win negotiations.
The panel expects Thai GDP growth of 2.4-2.9% this year, with exports expanding by 1.5-2.5%.
Inflation is projected at 0.8-1.2% in 2025, according to the JSCCIB.