Foreign Minister Parnpree Bahiddha-Nukara said Wednesday that the Srettha government is committed to pursuing economic diplomacy that will enhance Thailand’s bargaining power and create equilibrium in its relationship with other countries.

It will also help with economic diversification through greater support for the green economy, digitalization and sustainable agriculture to create new job opportunities, he said.
Parnpree said for the economic diplomacy to be effective, Thailand not only needs to continue its close relationship with its traditional economic and trading partners like the US, China, Japan and India. He said Thailand also needs to intensify the ties it has with other economic partners, including South Korea, ASEAN, Australia, EU, Saudi Arabia, United Arab Emirates and Turkey.

However, he also emphasized that Thailand’s neighbours are still its priority, pointing out the recent visit to Cambodia by Prime Minister Srettha Thavisin during which comprehensive bilateral cooperation was discussed.

“Thailand’s foreign policy must be forward-looking and cover all dimensions in order to create income and solve problems for the people, to get Thailand out of the middle-income trap, and to create an environment that is conducive to coping with challenges,” Parnpree said in a speech, titled “Thailand’s Challenges: How to Thrive in Rising Geopolitical Uncertainty” at an economic forum organized by Krungthep Turakij.

He said Thailand’s economic diplomacy is designed to respond to challenges arising from escalating geo-political and geo-economic rivalry.

“Thailand will use economic diplomacy to catch up with challenges in the world to conform with universal democratic values and basic human rights. It is also a demonstration of our readiness to play a role in dealing with challenges facing mankind, such as climate change,” he said.

He described economic diplomacy as the “spearhead of modern diplomacy.” “We will explore new opportunities for digital economy, innovation, start-ups and Thai investments overseas,” he said.

Parnpree said Thailand will expedite negotiations in pending free trade agreements, especially with the EU, and expand its economic cooperation with countries which are members of forums that Thailand has initiated, such as the Asian Cooperation Dialogue (ACD), Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) and Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).

Parnpree emphasized that Thailand’s foreign policy must compliment the government’s domestic policy “to improve people’s livelihood and to help bring Thailand back on the radar screen of international relations and economy with dignity.”

On ASEAN, Parnpree said Thailand supports the regional grouping as a forum for cooperation and peace, not a forum for confrontation.

“More importantly, Thailand wants to see ASEAN that is strong, united and as the centrality of cooperation,” he said.