Free Trade: Thailand and Favorable Exchange Rate

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“Amazing Thailand, it begins with the people”. This is the tourism slogan used by Thailand, a country that is the heart of Southeast Asia. This slogan highlights Thailand's way of living and how this affects their visitors of their country. The mentality and hospitality of the people of Thailand are just two of the many factors that makes Thailand “amazing”. However, Thailand is more than just a popular tourist destination to the six million visitors that they have annually. Thailand’s success was exceptional as the country progressed in terms of its economic growth. This success may be the result of the implementation of the ASEAN Free Trade Agreement. However, the agreement also brought minor negative effects to Thailand’s economy. The Free Trade Agreement is the settlement between the members of the ASEAN countries to reduce tariff and non-tariff barriers. The ASEAN Free Trade Agreement enabled Thailand to improve their economic efficiency, increase their business opportunities, but at the same time, decrease their employment rate. (WORKING THESIS)

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Thailand has been extremely successful in terms of the country’s economic growth. Despite of the financial crisis that occurred from 1997-1998, Thailand is now the second largest economy in Southeast Asia as it ranks the 4th richest nation with a GDP (gross domestic product) of 8.5 trillion baht or 627 billion dollars. Thailand’s economy is extremly reliant on exporting with exports is able to help neighboring countries such as Cambodia, Burma, and Laos develop their economies.According to GobalTenders, the country’s progress in terms of their economic growth is mainly based on the contribution from their agriculture and the export of goods and services. Thailand was able to transform itself from an agricultural economy to a modern industrial powerhouse. This enables the country to hold a lot of power and influence. Agriculture has been the foundation of Thailand's development in terms of its increase in business opportunities. Based on GlobalTenders, Thais consider rice to be an essential crop to their country as they are known to be the number 1 exporter of rice around the world. Other agricultural products include fruit, medicinal plants, dairy and fishery products. This enables the country to create global relationships with the other ASEAN countries that can further increase their business opportunities. It also allows companies to lower their costs as tariffs have been eliminated. More people are drawn to their product because of the affordability resulting to Thailand’s success in terms of its economy (Boaz). According to Vitez, freetrade can also be beneficial when it comes to the increase of business opportunities as companies can take advantage of the exchange rates. When exchange rates are favorable to Thailand, companies increase their profits.

“Amazing Thailand, it begins with the people”. This is the tourism slogan used by Thailand, a country that is the heart of Southeast Asia. This slogan highlights Thailand's way of living and how this affects their visitors of their country. The mentality and hospitality of the people of Thailand are just two of the many factors that makes Thailand “amazing”. However, Thailand is more than just a popular tourist destination to the six million visitors that they have annually. Thailand’s success was exceptional as the country progressed in terms of its economic growth. This success may be the result of the implementation of the ASEAN Free Trade Agreement. However, the agreement also brought minor negative effects to Thailand’s economy. The Free Trade Agreement is the settlement between the members of the ASEAN countries to reduce tariff and non-tariff barriers. The ASEAN Free Trade Agreement enabled Thailand to improve their economic efficiency, increase their business opportunities, but at the same time, decrease their employment rate. (WORKING THESIS)

Thailand has been extremely successful in terms of the country’s economic growth. Despite of the financial crisis that occurred from 1997-1998, Thailand is now the second largest economy in Southeast Asia as it ranks the 4th richest nation with a GDP (gross domestic product) of 8.5 trillion baht or 627 billion dollars. Thailand’s economy is extremly reliant on exporting with exports is able to help neighboring countries such as Cambodia, Burma, and Laos develop their economies.According to GobalTenders, the country’s progress in terms of their economic growth is mainly based on the contribution from their agriculture and the export of goods and services. Thailand was able to transform itself from an agricultural economy to a modern industrial powerhouse. This enables the country to hold a lot of power and influence

Agriculture has been the foundation of Thailand's development in terms of its increase in business opportunities. Based on GlobalTenders, Thais consider rice to be an essential crop to their country as they are known to be the number 1 exporter of rice around the world. Other agricultural products include fruit, medicinal plants, dairy and fishery products. This enables the country to create global relationships with the other ASEAN countries that can further increase their business opportunities. It also allows companies to lower their costs as tariffs have been eliminated. More people are drawn to their product because of the affordability resulting to Thailand’s success in terms of its economy (Boaz). According to Vitez, freetrade can also be beneficial when it comes to the increase of business opportunities as companies can take advantage of the exchange rates. When exchange rates are favorable to Thailand, companies increase their profits.

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