BANGKOK: Thailand can expect a favorable export outlook thanks to its recent upgrade in the US Trafficking in Persons report, reports The Nation. According to TMB Bank, the State Department’s decision to bump up Thailand from Tier 3 to the Tier 2 “Watch List” could also encourage the European Union to maintain its “yellow card” on the Southeast Asian country’s efforts in tackling illegal, unreported and unregulated fishing.
In the event of this happening, Thailand could expect to see a rise in its export activity, although probably not until 2017 onwards. The bank acknowledged that while benefits are not immediate, Thailand’s labor-related strategies would become a major turning point for the seafood industry. All companies are required to apply international standards throughout their supply chain. “This may be a painful period, but it could increase buyers’ confidence in Thai products and this would benefit Thailand in the long term,” said TMB.
