The business sector is concerned foreign investment in Thailand will come to a halt if the country does not join the Trans-Pacific Partnership (TPP), says a source in the automotive industry.
A senior executive of an auto parts company who requested anonymity said foreign investors, especially Japanese companies, are worried their businesses will be affected if Thailand does not join the TPP, the largest global trade pact.
The TPP was ratified by 12 Pacific Rim countries comprising the US, Canada, Mexico, Peru, Chile, Australia, New Zealand, Japan, Singapore, Malaysia, Vietnam and Brunei. Their economies account for aaccount for around 40% of the world’s GDP and world trade.
“Japanese firms, especially those in the automotive sector, have signalled to the Thai business sector that they are worried about the country’s competitiveness in many industries, particularly the automotive and auto parts sectors as Thailand is their production hub,”