Thailand's finance minister said on Friday that the 19% tariff rate agreed with the United States will help bolster its competitiveness globally, boost investor confidence and create opportunities for economic growth.

Senior officials from both countries said they were still waiting to hear final details on the deals after comments by the U.S. commerce secretary, Howard Lutnick.

Commerce Secretary Howard Lutnick said Wednesday that Thailand and Cambodia reached trade agreements with the U.S. just days after the Southeast Asian countries agreed to a ceasefire to end five days of deadly clashes along their border.