On 29 May 1966, in Bangkok, Thailand and the United States sign the Treaty of Amity and Economic Relations — the framework allowing U.S. firms to majority- or wholly own companies in Thailand on equal footing with Thai nationals.

Covered companies: at least 50% American directors and 51% of shares held by U.S. citizens. They are exempt from most restrictions under the Foreign Business Act (1999).

Exceptions: communications, transportation, fiduciary functions, depository banking, natural-resource exploitation, land ownership and domestic trade in agricultural products.

The treaty also gives preferential business-visa treatment for Thais in the United States and protects remittances against discriminatory expropriation.

For Cold War Thailand’s economy, 1966 deepened the security relationship and U.S. investment amid the Indochina conflict.

The official text appears in bilateral diplomatic collections and Thai legal forums.

The Treaty of Amity of 29 May 1966 remains the pillar of U.S. firms’ market access in Thailand.

Image: Bangkok; Wikimedia Commons. Cropped to 16:9.

Source consulted: Treaty of Amity and Economic Relations (Thailand–United States). Treaty text: Treaty of Amity and Economic Relations (Thailand Law Forum).