Thailand seeks FTA negotiations with Eurasian Economic Union
The Investor | 3 November 2024
Thailand seeks FTA negotiations with Eurasian Economic Union
By Vietnam News Agency
Thai Commerce Minister Pichai Naripthaphan on Wednesday discussed with Russian Deputy Minister of Agriculture Sergey Levin in Bangkok. During the discussion, Thailand expressed a desire to get Russia’s support in starting negotiations for FTA between Thailand and EAEU to expand their trade and investment ties.
Pichai said that Thailand and Russia agree to strengthen trade and investment cooperation, particularly in high technology and artificial intelligence, areas in which Russia possesses expertise and is interested in expanding its manufacturing base.
The minister said that over the past several years, more data center and printed circuit board manufacturing has relocated to Thailand, which is expected to contribute to continued investment in high technology, in particular digital innovation.
Thailand is well-positioned to be a global food hub and a centre for food security items, he said.
He urged Russia to increase imports of Thai rice and food products, while Russia asked Thailand to consider importing agricultural products such as wheat, dairy and livestock items from the country.
In 2023, Russia was Thailand’s 37th largest trading partner. In the first nine months of 2024, total trade between Thailand and Russia reached $1.19 billion. Thailand’s main exports to Russia include rubber products, automobiles and auto parts, machinery and components.
Meanwhile, Thailand’s main imports include fertilisers, pesticides, metal ores, metal scraps and chemicals.
