Commerce Ministry seeking measures to deal with Greek crisis

BANGKOK, 11 May 2010 (NNT) – The Ministry of Commerce will adopt measures to deal with Greece’s public debt crisis, which could harm the export sector of Thailand in the future due to the Euro depreciations against the Thai Baht.

Deputy Commerce Minister Alongkorn Ponlaboot stated that the cabinet would discuss measures to assist the export sector which might be affected by the financial assistance package issued by the EU to help Greece.

Although Thai exports to Greece account for only 0.08% worth 240 million USD of the total market share in that country, Thai exports to EU in general have already shrunk by 11.68% due to the change in currency exchange rates. While the Euro is depreciating, the Baht becomes strengthened.

The EU Finance Minister has approved 110 billion EUR or about 470 billion THB in financial assistance as well as 500 billion EUR or about 21 trillion THB to establish the European Stabilization Mechanisms in order to help protect other countries from the crisis impact.

Meanwhile, Department of Trade Negotiations Director-General, Nuntawan Sakuntanaga, said a public hearing on the opening of Free Trade Area between Thailand and the EU would move on despite the ongoing crisis in Greece. She expected that a conclusion on the matter would be drawn within the next two months.