A study commissioned by the Commerce Ministry of Thailand has found that the country’s economy could grow more than 0.77 per cent a year if it joins the Trans-Pacific Partnership. The study also found there would be challenges to confront by joining TPP including tougher competition and stringent protection of intellectual property rights.
The study done by the Panyapiwat Institute and International Institute for Trade and Development probes the benefits and negatives of Thailand joining the TPP. According to Sirinart Jaimun, DG, Trade Negotiations Department, Thailand would get large benefits from the TPP. According to the study, the GDP could grow 1.06 percentage points if other Asean countries, including Indonesia and the Philippines, join TPP. It also found the TPP would help promote growth in the automobile, electronic, computer, garment and textile sectors.
The pact would increase the development of the trade and service sectors as well as environmental protection and labour standards since member states would be encouraged to develop each sector to meet higher standards for sustainable growth. The study found the TPP would increase opportunities for Thai enterprises to invest overseas, and source raw materials from other countries.
It would also promote better awareness of intellectual property rights, leading to stringent protection, as well as support new innovations and research and the development of high technology.