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https://www.nationthailand.com/business/40015856

Households can sell their surplus solar electricity to state providers at the rate of 2.20 baht per unit, the Energy Regulatory Commission (ERC) said on Monday.

The Provincial Electricity Authority (PEA) and Metropolitan Electricity Authority (MEA) will buy surplus electricity from households with rooftop solar panels of up to 10kW capacity, said ERC secretary-general Komkrit Tantrawanit.

The PEA and MEA would each buy 5 megawatts of household solar per year for 10 years, starting in 2022.

Households must feed the surplus solar into the PEA or MEA grid within 270 days of signing the contract.

The National Energy Policy Council decided on March 9 to extend the household solar project after its launch last year.

Komkrit said no deadline had been set for house owners to apply to join the project.

Meanwhile, households who do sign up but fail to meet the 270-day feed-in deadline will be given an extra 90 days to supply their solar surplus.

Failure to meet the second deadline will result in cancellation of their contracts, Komkrit said.

He said the new announcement also applied to households who submitted applications to sell solar electricity to the MEA and PEA last year but have not started operations yet.

The two state firms will invite applicants to sign contracts within 30 days, Komkrit added.

He said the policy is aimed at cutting the use of fossil fuel to generate electricity after the Russia-Ukraine war caused energy prices to skyrocket.

Published : May 23, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015855

The seven Apec nations that staged a walkout on Saturday in protest against Russia have issued a joint statement saying they support Thailand, but condemn Russia’s invasion of Ukraine.

Representatives of the United States, Australia, Canada, Chile, Japan, South Korea and New Zealand walked out when the Russian representative stood up to deliver a speech at the Ministers Responsible for Trade Meeting on Saturday.

This walkout prompted the meeting to wrap up on Sunday without the release of the traditional joint statement from participants.

The two-day meeting was being held at Centara Grand and Bangkok Convention Centre in downtown Bangkok.

“We express our unwavering support for Apec and are fully committed to helping Thailand, as Apec chair in 2022, deliver a successful host year,” the joint statement said.

“We are united in our resolve to ensure peace and stability in our region and to uphold international law, recognising these are preconditions for the inclusive and sustainable economic growth for which we strive.

“We condemn in the strongest terms, the unprovoked war of aggression by Russia against Ukraine.”

The statement said the seven Apec nations were gravely concerned about the deteriorating humanitarian situation and the threat to global food and energy security caused by Russia’s actions.

The nations said Russia’s invasion has further destabilised the global economy and global supply chains as well as undermined our ability to recover from Covid-19.

The nations also expressed their concern over the volatility in energy markets and underscored the need to promote energy resilience, access and security in the region.

“Similarly, we affirm our commitment to a well-functioning food system, which is critical to our people’s health and well-being and to the success of our economies. A rise in food insecurity, due to Russia’s invasion, is being felt around the world, and disproportionately by the most vulnerable,” the joint statement said.

“Reaffirming the importance of the rules-based international order that underpins an open, dynamic, resilient and peaceful Asia-Pacific region, we strongly urge Russia to immediately cease its use of force and completely and unconditionally withdraw all of its military forces from Ukraine.”

Published : May 23, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015818

The Asia-Pacific Economic Cooperation (Apec) trade ministers meeting ended with participants failing to issue the traditional joint statement in Bangkok on Sunday.

The Apec forum was disrupted on Saturday when representatives of the United States, Japan, Canada, Australia and New Zealand walked out as the Russian representative stood to make a speech. The walkout was in protest over Russia’s invasion of Ukraine.

Commerce Minister Jurin Laksanawisit, who chaired the meeting, said he would conduct a press conference to announce the forum’s results. On Saturday, Jurin had insisted the walkout would have no impact on progress made at the forum.

Thailand is chairing the Apec trade bloc this year but international tensions over the Russia-Ukraine war threaten to derail cooperation among members.

Hosted by Thailand over two days, the Bangkok meeting aimed to drive trade and economic cooperation among 21 Apec members. One goal was to promote the so-called BCG (bio-circular-green) economic model whereby micro, small and medium-sized enterprises will be geared to supply chains to help drive sustainable development.

Published : May 22, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015809

Thailand and Russia are ready to boost bilateral trade to US$10 billion next year, Commerce Minister Jurin Laksanawisit said on Saturday.

Jurin was speaking after talks with Russia’s Economic Development Minister Maxim Reshetnikov on the sidelines of the Apec meeting in Bangkok.

He said details of the new trade ties would be ironed out at the upcoming fifth meeting of the Thailand-Russia trade and economic cooperation subcommittee.

Jurin said Thailand was also working on finalising its free trade agreement with Eurasia, comprising Russia, Belarus, Armenia, Kazakhstan and Kyrgyzstan.

The Thai embassy in Switzerland was coordinating relations with these countries, he added.

Meanwhile, Jurin confirmed that Thai banks had shown interest in Russia’s proposal to introduce the Mir payment system for Russian tourists in Thailand. He also pledged to coordinate with the Tourism and Transport ministries to facilitate direct flights from Russia.

On trade, he said Russia was interested in importing more Thai products, especially food and automobiles. Moscow is also keen to expand investment in Thailand, especially in IT, and had also invited Thais to invest in Russia, he added.

Last year, trade between Thailand and Russia was worth $2.7 billion, with Thai exports rising 41 per cent year on year to $1.02 billion. Thailand exports autos and auto components, tyres, machinery, and canned and processed fruits to Russia. Thailand’s trade deficit with Russia last year was driven by imported crude oil, fertilisers, pesticides and steel.

Reshetnikov also praised Thailand for allowing a free exchange of opinions during the Apec trade ministers meeting in Bangkok on Saturday.

He added that the walkout by representatives of the United States and four other Apec members – Japan, Canada, Australia and New Zealand – in protest at Russia’s invasion of Ukraine had solved nothing.

He also declined to say whether President Vladimir Putin would participate in November’s Apec summit hosted by Thailand.

Published : May 22, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015794

Host Thailand has downplayed a walkout by representatives of five countries taking part in the Apec trade ministers meeting in Bangkok on Saturday.

Representatives of Japan, the United States, Canada, Australia and New Zealand walked out of the meeting in protest over Russia’s invasion of Ukraine.

Commerce Minister and Deputy PM Jurin Laksanawisit said he was still confident the meeting would end well, with all participants agreeing to boost cooperation in trade and investment.

All 21 member-countries of the Asia Pacific Economic Agreement trade bloc are taking part in the meeting – including Russia.

Jurin insisted that the five-member boycott had no effect on today’s meeting. All remaining parties continued to discuss the agenda, he added.

Speaking during a short press conference after the morning session, Jurin said all members had pledged their efforts to finalise the Free Trade Area of the Asia-Pacific (FTAAP) by 2040.

He added that all parties had agreed to collaborate on creating sustainability and developing digital technology, digital trade and e-commerce across the trade bloc.

Meanwhile, the meeting also reached consensus on promoting participation of small and medium enterprises (SMEs) in global supply chains to spur inclusivity and sustainable growth of the Apec region.

Jurin voiced confidence the meeting would proceed smoothly with participants issuing a joint declaration following this afternoon’s session.

Thailand is hosting the Apec Ministers Responsible for Trade Meeting (MRT) from May 19-22 at Bangkok’s Centara Grand Hotel.

Published : May 21, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015793

More than 700 trade officials and delegates from Asia-Pacific Economic Cooperation (APEC) member countries gathered in Bangkok on Saturday to discuss mutual economic cooperation.

The trade representatives are in Thailand to attend the APEC Ministers Responsible for Trade Meeting.

In his opening speech, Commerce Minister Jurin Laksanawisit said the meeting is being held at a critical time when the global economy is facing many challenges and uncertainties.

He said all member countries need to closely cooperate to find a proper solution to help rebuild the global economy in the wake of the Covid-19 crisis and the ongoing Russia-Ukraine war.

This is the first time in two years that APEC trade ministers’ representatives and the APEC Business Advisory Council have come together in person. This year’s meeting, themed “Open, Connect, Balance”, is being held at Centara Grand Hotel in downtown Bangkok.

Jurin said the objective of this meeting was to provide trade ministers with an opportunity to discuss and formulate guidelines to drive trade and investment among APEC countries.

“The key action agenda is to expand free-trade agreements with each party, especially the Free Trade Area of the Asia-Pacific [FTAAP]. Promoting multilateral trade as well as driving economic growth and development during the Covid-19 situation is also included in the discussion,” said Jurin, who also doubles as deputy PM.

He expects the outcome of this year’s trade ministers’ meeting to play a key role in determining the policy direction for revitalising and stimulating regional economic growth. It will also help member countries to be better prepared for similar crises in the future.

Overall, APEC economies are expected to continue growing at a moderate pace. APEC’s GDP grew 5.9 per cent last year and is expected to grow 4.2 per cent this year and 3.8 per cent next year.

The 21 APEC member countries are Australia, Brunei Darussalam, Canada, Chile, Taiwan, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, China, Peru, South Korea, the Philippines, Russia, Singapore, Thailand, the US and Vietnam.

Published : May 21, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015761

Thailand will promote micro-entrepreneurs, small and medium-sized enterprises (MSMEs) to use the Bio-Circular-Green (BCG) model for sustainable economic development, Commerce Minister Jurin Laksanawisit said on Friday.

He made the remarks during the opening of the Asia-Pacific Economic Cooperation (Apec) BCG Symposium 2022.

He explained that the BCG model includes three essential elements:

Bio-economy: Using biodiversity to boost the economy.

Circular economy: Using resources effectively and in an environmentally friendly way in line with 3Rs: reduce, reuse, recycle.

Green economy: Developing manufacturing and service sectors to become environmentally friendly.

Thailand added the BCG model to the national agenda on January 19 last year, which is in line with the United Nation’s Sustainable Development Goals (SDGs), he said.

He added that many countries have implemented plans in line with SDGs, such as Australia’s bio-industry development in Queensland, Singapore’s zero-waste masterplan, China’s five-year development plan and Canada’s bio-digital convergence.

“Thailand’s BCG model will generate beneficial outcomes for all economic zones worldwide,” he said, “Today, we are focusing on enabling MSMEs to use the BCG model for environmentally friendly manufacturing and services.”

He added that the Commerce Ministry has applied the BCG model category which covers various products and services, such as future products, functional foods, food supplements, organic foods and lifestyle products, to boost economic value.

In the past six months — from the fourth quarter of last year to the first quarter this year — trade value in this category has increased by seven times, he said.

He added that the ministry also hoped that the Apec BCG Symposium 2022 would enable its members to exchange knowledge and seek new cooperations in line with this year’s theme: “Open. Connect. Balance”.

Published : May 20, 2022

By : THE NATION

The baht opened at 34.42 to the US dollar on Friday, strengthening from Thursday’s close of 34.52.

The Thai currency is expected to move in a range between 34.35 and 34.55 to the dollar on Friday, according to Krungthai Bank market strategist Poon Panichpibool.

Poon said the baht rose due to a weakening dollar. But he added that the market has not fully opened to risk so the baht might fluctuate and weaken further to its resistance level at 34.70 to the dollar.

The Thai currency would be supported by sales of gold but will not strengthen significantly unless foreign investors begin buying Thai stocks continuously, Poon said.

The expected ceiling for the baht is 34.40 to the dollar, at which point importers would purchase the greenback.

Poon advised businesses to use hedging tools such as options to manage risks in the highly volatile currency market.

Published : May 20, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015727

The Agriculture Department plans to establish a research team on economic crop breeding and genomic technologies to ensure the sustainability of Thailand’s agriculture.

The department would make this proposal during the Asia-Pacific Economic Cooperation (Apec) ministerial meeting on agriculture and food, director-general Rapeepat Chansriwong said on Thursday.

He added that many laboratories need to be improved to boost the country’s agricultural potential.

“If we have plenty of research centres and laboratories, this business will become sustainable,” he said.

Rapeepat said the export value of durians since last year was more than THB800 billion, adding that durian is considered Thailand’s identity and soft power.

This year, Thailand would be able to harvest 1.2 million tons of durians, 270,000 tons of mangosteens, 1.5 million tons of longans and 280,000 tons of rambutans, he said.

He added that the country and farmers have many opportunities to generate revenue.

Rapeepat added that the Covid-19 pandemic, including China’s Zero Covid policy, had severely impacted Thailand’s logistics.

“In this regard, the department has cooperated with agriculture ambassadors worldwide, especially in Beijing, Shanghai and Guangzhou, on improving regulations to facilitate export,” he said.

He added that the department is working closely with related agencies on agricultural promotion, especially in Chanthaburi, Chumphon, Rayong and Trat provinces where durians are grown in large quantities.

Provincial agencies have issued announcements to control the quality of durians, such as Covid-19 and unripe durian harvest prevention measures, he added.

Published : May 19, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015697

The baht opened at 34.60 to the US dollar on Thursday, unchanged from Wednesday’s closing rate.

The currency is expected to move in a range between 34.50 and 34.70 on Thursday, predicted Krungthai Bank market strategist Poon Panichpibool.

Poon said the currency market is still fluctuating as it tends to close to risks quickly, leading to a strengthening of the dollar and pressuring the baht until the market opens for more risks.

He said the Thai currency might fluctuate and weaken while its resistance level in the short term is between 34.70 and 34.80.

He suggested close monitoring of foreign transactions to see if international investors offload Thai stocks or buy them when prices head down.

Poon feels foreign investors might tread carefully and will not purchase Thai stocks until new factors emerge to support the baht. If they do not buy the currency, it might not strengthen soon, he pointed out.

Poon advised businesses to use hedging tools such as options to manage risks in the highly volatile currency market.

Published : May 19, 2022

By : THE NATION