Post by : Shakul

Thailand has reaffirmed its strong commitment to supporting an open, transparent, and rules-based global trading system during the ADB–World Bank Trade Forum 2026 held in Bangkok. The high-level international forum brought together government officials, economists, trade experts, and representatives from global organizations to discuss the future of trade policy amid rising geopolitical tensions and increasing uncertainty in the world economy.

Thailand’s Trade Representative, Mr. Veerapong Prapha, delivered a special statement during the opening ceremony of the forum, which was organized jointly by the Asian Development Bank, the World Bank Group, IMD Business School, and the Paris School of Economics. The event was held at the Siam Kempinski Hotel Bangkok and focused on the theme “Trade Policy in a Fragmented World: Accessions, Industrial Policy, and the New Multilateralism.”

During his address, Mr. Veerapong stated that the global trading system is currently undergoing major changes due to geopolitical competition, industrial policy expansion, and increasing trade uncertainties. He explained that these developments are creating new challenges for countries that rely heavily on international trade and global supply chains. According to him, governments around the world must carefully reconsider how the international trading system should evolve to remain stable, fair, and beneficial for all economies.

Thailand reiterated its support for an open and predictable global trade environment that follows international rules and encourages economic cooperation. Mr. Veerapong emphasized that Thailand is actively strengthening trade partnerships with countries and regional blocs across the world. He highlighted Thailand’s ongoing negotiations for the Thailand-European Union Free Trade Agreement, participation in the Regional Comprehensive Economic Partnership, and efforts to become a member of the Organization for Economic Cooperation and Development by 2028.

The Thai trade representative also explained that trade policy alone cannot ensure economic growth unless industries and businesses are strong enough to compete internationally. He stressed the importance of connecting industrial policy with trade policy in a transparent and inclusive manner. According to him, improving competitiveness, modernizing regulations, reducing unnecessary business obstacles, and strengthening domestic industries are essential for Thailand’s long-term economic resilience.

Following the opening ceremony, Mr. Veerapong participated in a vice-ministerial plenary discussion titled “Three Future Directions for Global Trade.” The session explored possible future scenarios for the global trading system, including regional trade blocs, geopolitical competition between major powers, and new forms of economic cooperation outside the traditional World Trade Organization framework. Representatives from countries including the Philippines, Sri Lanka, Tajikistan, and the Solomon Islands also joined the discussion.

Mr. Veerapong stated that Thailand’s economy is highly dependent on global trade, with exports of goods and services accounting for nearly 70 percent of the country’s GDP. He warned that increasing trade barriers, political conflicts, and rising business costs could create serious risks for Thailand and other trade-dependent economies. However, he also noted that the changing global trade environment presents opportunities for Thailand to accelerate trade negotiations and improve its international competitiveness.

Thailand sees the Thailand-European Union Free Trade Agreement as one of the country’s most important economic priorities. Officials believe the agreement can help modernize Thailand’s economic regulations, improve standards, attract foreign investment, and make Thai businesses more competitive globally. At the same time, Thailand expects the European Union to recognize the country’s unique economic conditions and development challenges to ensure fair and mutually beneficial negotiations.

At the conclusion of the forum, Thailand reaffirmed its readiness to cooperate with international partners to build a resilient, inclusive, and sustainable global trading system. Thai officials expressed hope that the ADB–World Bank Trade Forum 2026 would help strengthen international dialogue and create practical solutions for countries facing economic and trade uncertainty in the coming years.

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