BANGKOK (Reuters) – Thailand could expect a boost to its economic growth, investment and exports to help offset the negative impact of the new coronavirus pandemic if it participates in an Asia-Pacific trade agreement, the commerce ministry said on Monday.
The country has before said it aimed to seek membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as competition intensifies in electronics and agriculture from rivals such as Vietnam and Malaysia.
Membership is opposed by opposition parties and some business groups.
But Auramon Supthaweethum, director general of the Department of Trade Negotiations, said on Monday it would boost Thailand’s gross domestic product (GDP) by 0.12%, or 13.3 billion baht ($409.61 million), with investment up 5.14%, and exports up 3.47%.
Without that, the economy will lose 26.6 billion baht, or 0.25% of GDP, with investment down 0.49% and exports down 0.19%, she said in a statement, citing the ministry’s study on CPTPP membership.
“After the coronavirus pandemic, trade and investment rules will change… It’s necessary for Thailand to seek new partners or trade pacts, such as CPTPP, to make it competitive for trade and attractive for investment,” Auramon said.
The study will be presented to the cabinet to decide whether Thailand will join the pact, Auramon said. The cabinet meets every Tuesday, but it is not clear whether this week’s session will debate the matter.
If Thailand decides to join, it will set up a committee to negotiate rules and conditions. The decision would then need approval from parliament, Auramon said.
Those opposed to membership include Move Forward opposition partly leader Pita Limjaroenrat, who has said it would have a negative impact on the economy.
Member countries, including Japan and Canada, signed the CPTPP deal in 2018 without the United States.
The original 12-member agreement, known as the Trans-Pacific Partnership (TPP), was thrown into limbo in early 2017 when President Donald Trump withdrew from it.
(Additional reporting by Patpicha Tanakasempipat; editing by Barbara Lewis)
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
