The Thai private sector is to hold talks with foreign counterparts to discuss Thailand's Foreign Business Act in an effort to facilitate foreign investment, especially in the Eastern Economic Corridor (EEC).
Kalin Sarasin, chairman of the Thai Chamber of Commerce, said that over the next two weeks the chamber is scheduled to talk with the Joint Foreign Chambers of Commerce in Thailand about areas of concern in the act that might hinder foreign investment.
"The upcoming discussion aims to address what foreign businesses need to improve their investment sentiments, particularly in the EEC, and promote the country's overall economic development," Mr Kalin said. "The Thai chamber will also ask the Japanese chamber for support in developing Thailand's packaging industry and storytelling products, particularly gifts, souvenirs, and handicrafts."
The Thai chamber is also scheduled to call frequent meetings with the Thai Board of Trade and other trade associations to discuss the benefits and costs of Thailand's participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a newly formed bloc of 11 Pacific Rim nations that excludes the US.
The countries signed the CPTPP on March 8, which was revised after the US withdrew from the previous TPP deal in January 2017.
The signatories are Singapore, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru and Vietnam.
The GDP of the 11 CPTPP countries combined was worth US$10.2 trillion (324 trillion baht) in 2017, 13.5% of the world's GDP.
The signatories have a combined population of 495 million, or 6.8% of the world's total.
In 2017, Thailand's two-way trade with those 11 countries amounted to $134.6 billion, with exports from Thailand contributing $70.3 billion, accounting for 29.7% of Thailand's exports.
Deputy Prime Minister Somkid Jatusripitak reiterated on Tuesday that Thailand is ready to join the CPTPP when the trade agreement body officially enlists new member countries.
Mr Somkid has also instructed the Trade Negotiations Department to hold talks with CPTPP members to ask for support in Thailand's bid to join.
He said concerns about the country's agricultural sector will have to be addressed, particularly regarding the use of genetically modified organisms.
Auramon Supthaweethum, director-general of the Trade Negotiations Department, said the department is hiring educational institutes to help study the details of the new trade agreement's impact on Thailand, as well as Thailand's readiness and remedy measures.
The study should be completed by the end of this year.
Ms Auramon said the Commerce Ministry has set up a working panel to handle Thailand's potential participation in the CPTPP.
The panel, whose members are from different agencies, is chaired by Commerce Minister Sontirat Sontijirawong and will soon hold a joint meeting with businesses.