Thailand Could Benefit From US Potential Scrapping of TPP Deal - Deputy PM

Thailand's deputy prime minister said that the country could benefit from the possible scrapping of the TPP deal.

BANGKOK (Sputnik) — Deputy Prime Minister of Thailand Somkid Jatusripitak said Thursday he believed the US potential refusal to ratify the Trans-Pacific Partnership (TPP) agreement could be beneficial for Thailand.

"The pact, if implemented, may cause troubles for exports to countries that are not TPP members. We hence see that it could be beneficial if the pact is aborted," Somkid was quoted as saying by the Bangkok Post newspaper.

According to Somkid, the TPP requirements were rather hard to meet, especially in the spheres of the pharmaceutical industry and agriculture, while it would create risks for the Thai small businesses in those spheres.

However, Thailand would like to become a part of the agreement if the United States ratified it, according to the official.

With the victory of Donald Trump in the US presidential election on November 8, chances of the deal to be ratified came close to zero as Trump has repeatedly called the TPP a "disaster" and promised to renegotiate US trade deals.

The TPP agreement seeks to deregulate trade among 12 signatory nations that comprise 40 percent of the world economy. They include the United States, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.