BANGKOK, Oct 28, 2019, The Nation. The president of Fisheries Association of Thai Songkhla province, Suradej Nilubon, has said that the country’s fisheries industry will definitely be affected by the US suspension of the trade benefits for Thailand under the Generalized System of Preferences (GSP), reported The Nation.
This suspension will affect the Thailand’s competitive advantage in the global economy, he noted. Some factories might consider moving their production bases from Thailand to other countries where they can enjoy GSP.
At the same time, the vice president of Ranong’s Chamber of Commerce, Nit Uitekkeng, said that that the private sector in the province will be affected by the suspension, especially the fisheries and businesses related to the fisheries such as those involved in the processed fish and frozen fish sectors, \as the US is their main export market.
However, the fisheries business had known about the possible suspension and already adjusted to the new reality by seeking new markets such as Europe, China, and Japan.
The province has also focused more on tourism and positioned itself as a marine hub.
Last week,Washington announced it would suspend preferred treatment for Thai products worth around US$1.3 billion, citing the country’s failure to improve its labour rights to meet international standards.
The US Trade Representative reportedly stated that the measure will take effect in the next six months. The duty-free treatment on all of Thailand’s seafood exports to the US also will be revoked.