Thailand rethinks TPP membership

Thailand's military regime is rethinking its standoffish attitude towards the Trans Pacific Partnership (TPP) free trade agreement, and may soon apply for membership.

If Thailand joins the still controversial protocol, it probably will lead other countries in Southeast Asia into the TPP, and will affect China's current stance to stand well out of the U.S.-engineered TPP pact.

A long-standing opposition to participating in the TPP was one of the few common points between the current junta and the former democratic government under Thailand's first female prime minister, Yingluck Shinawatra.

U.S. President Barack Obama tried hard to sell Ms Yingluck on joining TPP negotiations during his official visit to Thailand in 2012. Just last August, a group of high-profile U.S. businessmen made an equally strong pitch to military strongman General Prayut Chan-o-cha, the current prime minister. Both waved off the U.S. invitation.

Now, however, mired in a severe economic downturn that has placed it dead last among neighbours in economic growth, Thailand is rethinking its options. The new economic czar and Deputy Prime Minister Somkid Jatusripitak, just appointed by the junta, said last month he was leaning towards joining the treaty.

Last week, representatives of an even dozen countries on the Pacific Rim finally concluded agreement on one of the biggest free-trade deals ever passed. The treaty will be Obama's legacy agreement.

Among the dozen members of the just-concluded TPP are close Thai neighbours and fellow Asean members Vietnam, Brunei, Singapore and Malaysia.

New Thai Commerce Minister Apiradi Tantraporn said last week she wants to study the pact more closely, but appeared to be leaning towards leading Thailand into the group. But she was cautious, noting that Thailand already has free-trade pacts with all TPP members except the United States, Canada and Mexico.

Public opinion has run strongly against the TPP from the beginning, mainly over intellectual property sections of the TPP treaty including new advantages for companies holding pharmaceutical patents.

Under current TPP provisions, Thailand is little affected. It stands to lose some small rice sales to Japan and, also in a few years, lose some auto-export markets.