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Thai-Chinese FTA leads to soaring bilateral trade

The Hindu, India

Thai-Chinese FTA leads to soaring bilateral trade

19 June 2005

BANGKOK: Trade between Thailand and China has shot up to 24 billion baht ($60 million) over the first 20 months of the enforcement of the bilateral free trade area (FTA) agreement, with Thailand holding the balance of trade by over 11 billion baht ($27.5 million), according to the Director-General of the Department of Foreign Trade, Rachane Potjanasuntorn.

Mr. Rachane was quoted by the Thai News Agenyc as saying Saturday said that, from October 2003 to May 2005, the department had issued certification of origin documents for goods worth 24 billion baht ($60 million), of which 99 per cent were agricultural products.

Customs Department figures from October 2003 to April 2005 show that the bulk of agricultural exports to China - around 63 - is accounted for by cassava, followed by 9 per cent for dried longans, 9 per cent for fresh longans, 7 per cent for fresh durians and 4 per cent for frozen fish and prawns. During the same period, Thailand imported 10 billion baht ($25 million) worth of Chinese goods under the terms of the FTA agreement, 90 per cent of which were fruits and vegetables, including apples, pears, mushrooms, carrots and nuts.

This gave Thailand a trade surplus on products affected by the deal of over 11.1 billion baht ($277.5 million). - Xinhua