[Weekly Compilation of Presidential Documents Volume 32, Number 48 (Monday, December 2, 1996)]
[Pages 2433-2434]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Remarks on the Thailand-United States Taxation Treaty in Bangkok, 
Thailand

November 26, 1996

    Mr. Prime Minister, Mr. Deputy Prime Minister, Ambassador Itoh, the 
members of the Thai and the American business communities, ladies and 
gentlemen, the tax treaty we are about to sign brings to a close 15 
years of negotiations and opens a new era of trade and investment 
between Thailand and the United States.
    Mr. Prime Minister, let me personally thank you for pressing for the 
conclusion of this treaty. I know how hard you worked and I know how 
much it meant to you. Thank you very much.
    Our countries already enjoy a thriving and growing economic 
partnership. The United States is Thailand's largest export market, its 
second largest trading partner, with two-way trade in excess of $18 
billion a year. But until today our companies were at a competitive 
disadvantage since many other countries already have treaties with 
Thailand that prevent double taxation in the home country and in 
Thailand. Now a more level playing field will encourage our businesses 
to play an even larger role in Thailand's economic success story: to 
sell their products, to make investments, to share technology, to help 
to develop Thailand's remarkable human resources through training.
    The success story of Thailand has been called a miracle. A more 
down-to-earth and realistic explanation lies in the hard work and fierce 
determination of the Thai people and the enlightened leadership of their 
government. You have proved that human resources matter the most if 
people are free to invent, to trade, and to dream. Today's signing 
reminds us that governments do not create wealth but governments can 
create the climate in which our workers, our entrepreneurs, our 
investors and business people can have a free and unfettered opportunity 
to thrive. That is our goal with this treaty, our goal with the civil 
aviation agreement recently signed, with the Thai Parliament's decision 
to set up an intellectual property rights court, with the ongoing 
consideration of a strong patent protection law.
    Let me say to the members of the American business community who are 
here today and here in Thailand every day, the growth of our economy and 
the quality of our jobs is strengthened by your leadership. By trading 
and doing business beyond our borders, you keep our Nation engaged in 
the frontlines of the global economy and global opportunity. To you, to 
our Thai partners, to the members of both governments whose hard work 
has brought us to this day, I thank you for your dedication and for your 
vision. The 21st century can be a time of remarkable possibility if we 
give people an opportunity to make the most of their potential. Today 
the doors of opportunity have been opened

[[Page 2434]]

a little wider, and all of you who played a part in that effort can 
justly be proud.
    Thank you very much.

Note: The President spoke at 11:26 a.m. in the garden at the Grand 
Palace. In his remarks, he referred to Prime Minister Banhan Sinlapa-
acha and Deputy Prime Minister Amnuai Wirawan of Thailand and U.S. 
Ambassador William H. Itoh. Following the President's remarks, 
Ambassador Itoh and Deputy Prime Minister Amnuai signed the treaty. A 
tape was not available for verification of the content of these remarks.