Thailand, Turkey agree to resume FTA negotiations
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The Investor | 5 November 2024
Thailand, Turkey agree to resume FTA negotiations
By Vietnam News Agency
Thai Deputy Commerce Minister Suchart Chomklin and his Turkish counterpart Mustafa Tuzcu have agreed to resume negotiations on a free trade agreement (FTA) between the two countries.
The announcement came after Suchart attended the 40th meeting of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organisation of Islamic Cooperation (OIC) in Istanbul, Turkey.
The FTA negotiations, suspended since 2022, have now been resumed and could pave the way for expanded trade and investment between the two countries.
In addition to the FTA discussions, Turkey has invited Thailand to attend the first meeting of the Joint Trade Committee in Ankara to enhance cooperation in trade, investment and tourism between the two countries.
Suchart expressed his country’s willingness to participate in the first ministerial meeting, and encouraged Turkish investors to consider opportunities in Thailand’s Eastern Economic Corridor (EEC).
Trade between Thailand and Turkey remains stable, with the latter currently the former’s 33rd largest global trading partner and fourth in the Middle East. During January - September, bilateral trade reached $1.22 billion.
Thailand’s main exports to Turkey include automobiles, air conditioners, rubber products and synthetic fibres, while its main imports from Turkey comprise chemicals, machinery, jewellery, crude oil and ready-made garments.
