Post by : Shakul
During the ADB–World Bank Trade Forum 2026 in Bangkok, Thailand reaffirmed its dedication to upholding a transparent, rule-based global trading system. Gathering prominent figures including government representatives, economists, and trade professionals, the international forum provided a platform to explore future trade policies against a backdrop of rising geopolitical tensions and economic uncertainty.
Mr. Veerapong Prapha, Thailand’s Trade Representative, delivered a keynote address during the forum's opening, which was organized in conjunction with the Asian Development Bank, the World Bank Group, IMD Business School, and the Paris School of Economics. This year’s theme was “Trade Policy in a Fragmented World: Accessions, Industrial Policy, and the New Multilateralism.”
In his remarks, Mr. Veerapong highlighted the significant transformations impacting the global trade landscape, stemming from escalating geopolitical competition and shifts in industrial policy. He underlined that these dynamics present new challenges for nations dependent on international trade and global supply chains. To adapt effectively, he urged governments worldwide to rethink the evolution of the international trading system for stability and fairness.
Mr. Veerapong reiterated Thailand's advocacy for an open, predictable global trade environment aligned with international protocols while fostering economic collaboration. He pointed out ongoing trade initiatives, including the Thailand-European Union Free Trade Agreement talks, involvement in the Regional Comprehensive Economic Partnership, and aspirations for OECD membership by 2028.
He also indicated that simply having a trade policy won't guarantee economic expansion unless industrial sectors are competitive enough. Emphasizing the need for synergy between industrial and trade policies in a transparent fashion, he noted that modernizing regulations, enhancing competitiveness, and bolstering domestic industries are crucial for Thailand's enduring economic health.
Following the opening session, Mr. Veerapong took part in a plenary discussion addressing “Three Future Directions for Global Trade,” which examined future scenarios, regional trading blocs, and modern economic partnerships beyond the traditional WTO framework. Discussion included participation from representatives of nations like the Philippines, Sri Lanka, Tajikistan, and the Solomon Islands.
Mr. Veerapong reminded attendees that Thailand’s economic framework heavily relies on international trade, with exports comprising nearly 70 percent of the nation’s GDP. He cautioned that mounting trade barriers and political conflicts could pose serious risks to trade-dependent economies like Thailand’s, while also recognizing opportunities to enhance trade negotiations and global competitiveness amidst a shifting trade landscape.
The Thailand-European Union Free Trade Agreement stands out as a top priority for Thailand, aimed at updating economic regulations and attracting foreign investments, thereby increasing its global competitiveness. Thai officials are optimistic the EU will acknowledge the nation's specific economic conditions to ensure equitable negotiations.
In conclusion, Thailand reiterated its commitment to collaborating with international partners to foster a resilient, inclusive, and sustainable global trading system. Officials expressed hopes that the ADB–World Bank Trade Forum 2026 would enhance global dialogue and facilitate actionable solutions for countries grappling with economic uncertainties in the coming years.
English
