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Thai – U.S. Economic Relations
The IMF estimates Thailand’s GDP at $538.7 billion (April 2021), making it the largest economy in Mainland Southeast Asia, second largest in ASEAN, and larger than some members of the G20. Thailand is currently the United States’ 19th-largest goods trading partner, with $48.8 billion in two-way goods trade during 2020. The United States contributed $17.7 billion of foreign direct investment (FDI) to Thailand in 2019, making it the third-largest foreign investor after Japan ($70 billion) and Singapore ($30 billion).
The U.S.-Thai Treaty of Amity and Economic Relations of 1833
The U.S.-Thai Treaty of Amity and Economic Relations of 1833, commonly referred to as the Treaty of Amity, is a special economic relationship between the United States of America and the Kingdom of Thailand that give special rights and benefits to U.S. citizens who wish to establish their businesses in Thailand. The Treaty of Amity treaty was amended in 1966 and provides two major benefits:
Despite the Treaty of Amity, there are still certain restrictions on U.S. investment as follows:
The U.S.-Thailand Trade and Investment Framework Agreement (TIFA)
The U.S.-Thailand Trade and Investment Framework Agreement (TIFA) was signed in 2002 and provides the strategic framework and principles for dialogue and cooperation on trade and investment issues between the United States and Thailand. In the most recent U.S.-Thailand TIFA meeting, the two sides reaffirmed the importance of working together to strengthen the bilateral trade relationship and discussed a full range of issues, including those related to General System of Preferences reviews, agriculture, customs, intellectual property protection and enforcement, and labor.
Thailand is U.S.’s 20th largest goods trading partner with $46.7 billion in total (two way) goods trade during 2019.The U.S. goods trade deficit with Thailand was $905.17 billion in 2020, a 5.95% increase over 2019.
Last Edited: August, 2021
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