Tuesday, April 13, 2021
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Home Business CPTPP subcommittee prepares to set up an FTA fund towards the ERA

CPTPP subcommittee prepares to set up an FTA fund towards the ERA


Ministry of Commerce Discussing the subcommittee Remedy for people affected by FTA Responding to the proposal of the Extraordinary Council of Representatives Committee To set up a support fund The meeting agreed Push the plan to establish a commercial FTA as a mechanism to help. Urgently make a plan to present NESDB.

On March 31, 2021, Mr. Bunyarit Kalayanamit, Permanent Secretary of Commerce revealed that he was assigned by Mr. Jurin Laksanawisit, Deputy Prime Minister and Minister of Commerce. To chair the meeting of the sub-committee driving the implementation of the Cabinet Resolution on CPTPP on remedies affected on March 30, 2021.

The meeting acknowledged the proposal of the CPTPP of the House of Representatives. Ask the government to speed up the establishment of a fund to help those affected by the Free Trade Agreement (FTA) and the meeting jointly consider government action plans to set up the FTA.

This subcommittee is one of eight committees, which the International Economic Policy Committee (NESDB) was set up on March 1, 2021 in order for related agencies to jointly find ways to help those affected. And to propose the work plan to the NESDB meeting to compile the readiness or not the readiness of Thailand on various issues And to consider presenting the cabinet in the future

For the subcommittee Consists of representatives from Office of the Council of State Ministry of Finance Bureau of the Budget Ministry of Agriculture and Cooperatives Ministry of Industry And the Ministry of Commerce

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The meeting acknowledged that in the past the Minister of Commerce has set up a working group to consider guidelines for developing a fund to help people affected by trade liberalization. (FTA Fund) chaired by the Permanent Secretary of the Ministry of Commerce. And there are representatives of related agencies as a working group Which has been discussing the establishment of the FTA fund from time to time.

By establishing a FTA fund, it must be followed. The Working Capital Administration Act 2015 and the State Fiscal Discipline Act 2018, must be submitted to the Working Capital Policy Committee. Which is chaired by the Minister of Finance To consider before proposing to the Cabinet for approval according to the procedure Including a new law must be prepared. This will be the specific law that must be submitted to Parliament as well.

Although there is considerable progress in the establishment of the FTA Fund. But there are still issues on the source of income of the fund That cannot rely on only one source of income from the government budget But need to have additional income from other sources In which the Ministry of Commerce is in the process of discussing with relevant sectors Especially in the private sector that will gain or lose benefits from the FTA

And when you can find a conclusion It will be proposed to the Ministry of Finance’s working capital management policy committee. It is expected that the agency will take approximately 2 years to implement the proposal of the CPTPP Extraordinary Commission to establish a FTA fund. In which the meeting Agreed to propose such work plan to the Minister of Commerce for further submission of NESDB.



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