The cabinet met on August 27, 2024 Some of the resolutions are as follows:
The cabinet acknowledged the report on Thailand's exports for June and First Half of 2024, as proposed by Ministry of Commerce.
Thailand's exports in June 2024 had a value of 24,796.6 million US dollars (892,766 million Baht), contracting by 0.3 %. Overall, for the first half of 2024, Thai exports expanded by 2.0% % while exports of real sector (excluding gold, oil-related products, and weaponry) expanded by 3.1 %.
Thai International Trade Value in June 2024 and during the first half of 2024 is as follows:
Unit: Million USD
Jun 2024 Jan ? Jun 2024
Trade Value 49,375.1 (+0.01%) 295,822.6 (+2.5%)
Export value 24,796.6 (-0.3%) 145,290.0 (+2.0%)
Exports of real sector 21,956.6 (-1.6%) 129,356.8 (+3.1%)
Import value 24,578.5 (+0.3%) 150,532.6 (+3.0%)
Trade Balance +218.0 -5,242.7
Thai exports of agricultural and agro-industrial products decreased by 3.3 percent (YoY). The agricultural products decreased by 2.2 percent, while the agro-industrial products decreased by 4.8 percent. For the first half of 2024, the exports of agricultural and agro-industrial products increased by 3.3 percent. Industrial product exports increased by 0.3 percent (YoY). For the first half of 2024, the exports of industrial products increased by 2.0 percent.
Regarding the export outlook of 2024, the Ministry of Commerce expects that Thailand's exports in 2024 will achieve the target growth. Positive factors include the export of agricultural and food products and the growth of the digital economy, which supports the demand for related goods. However, there are risks such as drought conditions reducing agricultural output, ongoing geopolitical conflicts, civil wars in several countries, rising shipping costs in the second half of the year, the slow recovery of the economies of some trading partners, and uncertainties from elections in various countries, causing investors to delay investments while waiting for new government policies.
The cabinet approved the following proposals of Ministry of Justice:
Approved Project on cooperation enhancement with neighboring countries to suppress illicit drug production sources and eradicate international drug trafficking networks for fiscal year 2024. Under the project, financial support, at the total amount of 16 million Baht, will be provided to the neighboring countries for combating illicit drugs
Authorized Secretary General of Office of the Narcotics Control Board to approve projects, work plans and activities under the budget framework
Ministry of Justice, through Office of the Narcotics Control Board, has reached agreements with 4 neighboring countries, namely, Cambodia, Lao PDR, Myanmar, and Vietnam, to forge cooperation on combating and intercept illicit drugs at production sources from spreading into Thailand and other countries.
The financial support will be used in implementing 5 following plans: (1) interception and suppression of drugs, precursors and chemicals; (2) support of equipment, tools and maintenance; (3) development of personnel; (4) drug prevention and treatment; (5) management and operation of the Safe Mekong Coordination Centre.
The cabinet approved the signing of the Letter of Intent to become member in Multilateral Convention to Facilitate the Implementation of the Pillar Two Subject to Tax Rule (STTR Multilateral Instrument). Should there be an amendment in parts that are not gist nor against national interest, Ministry of Finance, through the Revenue Department, may proceed without having to resubmit to the cabinet. Minister of Finance or a representative is authorized as signatory of the letter of intent. This is as proposed by Ministry of Finance.
The Subject to Tax Rule (STTR) are key components of Pillar Two of the Two - Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy, to prevent Base Erosion and Profit Shifting (BEPS). The letter of intent affirms Thailand?s intention to become member in the STTR Multilateral Instrument.
The cabinet approved the draft Customs, Immigration and Quarantine Cooperation Framework under Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) which will be signed at the 30th Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) Ministerial Meeting, and approved the Customs Department to make amendment of the document in parts that are not gist without having to resubmit to the cabinet. Minister of Finance or a representative is authorized as signatory of the document. This is as proposed by Ministry of Finance.
The draft Customs, Immigration and Quarantine Cooperation Framework under Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) prescribes cooperation between the 3 countries regarding border crossing facilities and procedures, cross-border movement of people and trade, and related operational management.
The cabinet acknowledged an appointment of Opart Karnkawinpong, MD, Permanent Secretary of Ministry of Public Health, as President of IVI Global Council, and Thailand?s hosting of second annual Global Council meeting of International Vaccine Institute (IVI). This is as proposed by Ministry of Public Health.
The International Vaccine Institute has sent a letter to Thailand inviting the country to serve as the first president of International Vaccine Institute with 2-year term (2024-2025), and requested Thailand to host the International Vaccine Institute?s second annual Global Council meeting (IVI GC). The 2nd IVI GC will be held in Bangkok during September 23-24, 2024.
Thailand?s presidency of IVI Global Council will enhance bilateral relations between Thailand and the Republic of Korea, and the country?s opportunity in promoting vaccine cooperation in the following areas: 1) Vaccine Development and Implementation; 2) Vaccine Equity and Access; 3) Vaccine R&D Capacity -Building; and 4) HRD.
Title: Appointment of political officials (Office of Prime Minister?s Secretary)
The cabinet approved the proposal of Office of Prime Minister?s Secretary to appoint the following individuals as political officials:
Mr. Somkid Cheukhong ?Prime Minister?s Deputy Secretary General for Political Affairs
Ms. Teerapa Pirohakul Prime Minister?s Deputy Secretary General for Political Affairs
Mr. Nanat Hongchuvech Prime Minister?s Deputy Secretary General for Political AffairsThis is from August 27, 2024 onward.
Source: Cabinet Meeting (Deputy Prime Minister Phumtham Wechayachai, acting Prime Minister) August 20, 2024