Dr. Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, revealed that the impact of US import tariffs under Section 301 at a rate of 12.5 percent on Thailand will be limited, as many product groups are already exempt from the tariffs. The government is accelerating negotiations with the US through the Indo-Pacific Economic Framework for Prosperity, or IPEF, to reduce the tariff rate to 10 percent, matching that of competitor countries that have already concluded negotiations. Mrs. Supajee Suthamphan, Deputy Prime Minister and Minister of Commerce, is directly overseeing the negotiations. Dr. Ekniti also views the forced labor issue raised by the US as an opportunity to upgrade Thailand's labor standards and production processes, which will enhance long-term competitiveness.