Economics and its relation to the USA and the culture and how their business is done today, the present and business between the USA and them.
The economy of Thailand, it is analyzed that the GDP growth rate of the country is based on the 3.2% annual change (2016). However, it is considered a newly industrialized country, which also heavily depends on exports. The gross domestic product of the country is increasing as according to the IMF it was 15.450 trillion Baht in 2016, and it has the 8th largest economy in Asia. Focused on the relations of business in Thailand and USA, it is known that both countries are getting benefit from each other, as the Treaty of Amity is supported since 29 May 1966.
This treaty is still followed in the present and allows the American citizens to incorporate businesses in the US and allow Thailand to do business there. Thus, majority shareholding is there between the businesses of the countries, and there are also restrictions on foreign investment. At present, they are also the other treaties that are supportive of both the countries example, the Thai Foreign Business Act of 1999; this treaty has the equality of benefits, which restrict Thailand or American investment. In the United States of America, the third businesses are given values, as both the country can get the benefits and there could be support towards the GDP growth rate.
Regarding the culture, it could be noticed that the culture of the countries appreciates the business of both the countries in both countries and new military government support the compulsory licenses under the FTA negotiations for the effectiveness. The culture of Thailand in business and USA is protective; as under the Obama Administration there was also support given to the FTA, from 2004 till present there are benefits to the United States and Thailand under the free trade agreement which eliminate barriers of both the countries so that there could be a benefit of the trade and investment.
References
IBP, Inc. (2015). Thailand: Doing Business and Investing in Thailand Guide Volume 1 Strategic, Practical Information and Contacts. Lulu.com.
Malikhao, P. (2017). Culture and Communication in Thailand. Springer.
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