Bangkok: The Prime Minister of Thailand, Anutin Charnvirakul, has addressed concerns over the signing of a Memorandum of Understanding (MOU) concerning rare earth minerals, asserting that the agreement is in alignment with the Thai Constitution. He highlighted the potential of this MOU to advance Thai technology and serve as a catalyst for Thailand and the United States to enhance their diplomatic relations and progress in tariff negotiations.
According to Thai News Agency, Prime Minister Anutin explained that the MOU on rare earths pertains to a broad category of rare minerals, which he emphasized should not be a cause for alarm. The agreement acknowledges the presence of various minerals that can aid in producing cost-effective products, boost efficiency, and enhance product quality. While there has not been a comprehensive investigation into these minerals, Anutin noted that if a mineral emerges that meets future global market demand, the United States has expressed interest in participating in its development. Thailand welcomes this prospect as the country is yet to fully exploit its existing resources and lacks sufficient knowledge, necessitating a search for new technologies.
Prime Minister Anutin reassured that the MOU mandates adherence to fairness, good governance, and compliance with Thai regulations and laws, ensuring it does not contravene the Constitution. He addressed public concerns by urging a thorough examination of the MOU's details rather than relying on superficial headlines. He emphasized that the MOU's primary aim is to foster mutual cooperation under Thai law, allowing either party to terminate the agreement if it proves unprofitable, as it is a non-binding understanding.
Furthermore, Anutin expressed optimism that the rare earth MOU will strengthen ties between Thailand and the United States, paving the way for discussions on other matters such as trade agreements. He recounted a meeting with former US President Donald J. Trump, where Trump requested consideration for further tariff reductions, viewing it as a reward for the improved bilateral relations. Anutin assured that the MOU has not caused any harm and has instead cultivated goodwill between the nations.