At the weekly cabinet meeting last week, item No.15 was one of the most important issues up for discussion. This concerned a planned statement on the Indo-Pacific Economic Framework for Prosperity (IPEF) proposed by US President Joe Biden. The cabinet was quick to agree that Thailand was named as a signatory when Mr Biden announced the new trade agreement during his visit to Japan.
The decision came as a big surprise for analysts and pundits all too familiar with the long-standing recalcitrance of the Prayut administration about joining the long-awaited Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). Over the past two years, the government's coalition parties have been squabbling about the pros and cons of negotiating to join the CPTPP dragging down efforts to expand free trade networks. Given current domestic political conditions, the government does not want to raise the wrath of farmers and agricultural groups as their livelihoods would be negatively impacted despite repeated government pledges to provide compensation and subsidies.
