14:12 | 03/02/2016 Global Economy
The Thai economy might grow an extra 0.77 percent annually if the country becomes a member of the Trans-Pacific Partnership (TPP) deal, said the local Ministry of Commerce.
Illustrative image (Photo: AFP/VNA)
The agreement could help Thailand improve labour standards and environmental protection as well as develop the sectors producing vehicles, computers, apparel and electronic devices.
It is also forecasted to boost enforcement of local copyright laws, thus encouraging innovation.
As such, the Southeast Asian country will see greater opportunities to invest overseas and access raw materials internationally. However, tough competition, stringent protection of intellectual properties and higher medical costs will come along.
According to Sirinart Jaimun, director-general of the Trade Negotiations Department, these challenges are no obstacle as Thailand will benefit more from the pact.
Thailand’s Government will announce its decision on entering into TPP negotiations by the end of February./.