In this day and age, multilateralism and free trade are the foundations of theeconomic system. The participation of Thailand in the World Trade Organization (WTO) andthe International Monetary Fund (IMF) plays an essential role in the development strategies ofthe country. As a developing country and despite some specific provisions in its favour,Thailand’s influence within each institution is limited. A greater voice, by gathering withcountries that share the same positions, prompted Thailand to seek such alliances. Throughthis participation, the Thai government has a funding source in the event of economic andfinancial crisis. They can improve trade policies that focus on export promotion and have adispute settlement mechanism that allows them to better defend the interests of its producers,especially when these disputes involve developed countries. But the limits of the multilateralsystem (Doha round impasse, the issue of conditionality and effectiveness of the IMF’smeasures) incite Thailand to turn more towards bilateralism and regionalism for protecting thecountry’s interests.
Thailand, multilateral trade and financial institutions (WTO & IMF)