Bangkok: The Oil Crops Board (OIC) has given the green light for the import of soybeans and coconuts as a strategy to maintain a balanced domestic production. Mr. Chatuporn Buruspat, the Minister of Commerce, was tasked by Deputy Prime Minister Mr. Pichai Chunhavajira to lead the 1/2025 meeting of the Oil Plants and Vegetable Oil Committee, held at the Kitiyakara Woralak Room, Ministry of Commerce. The meeting saw participation from Mr. Chulaphan Amornvivat, Deputy Minister of Finance, and representatives from relevant government agencies and the private sector.
According to Thai News Agency, the meeting resolved to implement several key measures aimed at ensuring the continued import of oil crops and vegetable oils. This initiative is designed to secure sufficient raw materials for the industrial sector while safeguarding domestic farmers from adverse impacts. A significant focus was placed on maintaining price stability and market balance.
Key resolutions from the meeting include the approval to manage the import of soybean meal for the human consumption industry and others in alignment with WTO and FTA obligations through 2025-2027. Additionally, approval was granted for the import of soybean seeds every three years between 2026 and 2028. This is intended for use in oil extraction, animal feed, and food product processing industries, with the establishment of a joint oversight subcommittee involving the government, farmers, and private sectors.
Furthermore, the meeting approved the management of soybean oil, coconut oil, and related product imports from 2026 to 2028. This move aims to meet domestic demand and maintain price stability, thus preventing negative impacts on farmers. Mr. Jatuporn highlighted that this resolution forms a management mechanism to achieve balance, prioritizing the welfare of domestic farmers while ensuring the availability of essential raw materials for industry.
The Minister of Commerce also reiterated that these measures will contribute to stabilizing product prices, enhancing production and export potential, and promoting sustainable coexistence between farmers and the industrial sector.