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.

The US has reached trade agreements with Cambodia and Thailand, Commerce Secretary Howard Lutnick said, days after the Southeast Asian neighbors agreed to a ceasefire at President Donald Trump’s urging to end deadly clashes along their disputed border.

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.