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Thai Deputy PM downplays concerns US financial crisis impact on exports

Thai Deputy PM downplays concerns US financial crisis impact on exports

Thailand’s Deputy Prime Minister Olarn Chaipravat on Wednesday downplayed mounting concern over the potential impact of the United States financial crisis on Thailand’s exports, saying that most of Thailand’s export destinations are in Asia, the Middle East, and in the country’s immediate neighbours.
He said that some 50-60 per cent of Thailand’s exports, particularly of farm products, had not been shipped to the countries affected by the US financial meltdown, but he conceded the crisis had unavoidably affected the Asian economy. He sees a need for Asian countries to accelerate trade talks interdependently, in order to strengthen and stabilise regional trade.
The deputy premier said Thailand will attempt to turn the global financial crisis into an opportunity by encouraging mutual trade activities in Asia. The Thai government will propose to neighbouring countries the coordination of financial ties, the building of a fully-fledged financial community in Asia, and long-term investment cooperation.
In addition, the government will attempt to promote mutual long-term borrowing among Asian countries since the existing global financial center had weakened and a base in Asia needed to be found. (TNA)