Trade talk to ramp up in H2
Bangkok Post - 04 July 2024
Trade talk to ramp up in H2
The Trade Negotiations Department has laid out its blueprint for the second half of 2024, aiming to conclude free trade agreement (FTA) negotiations with the European Free Trade Association (Efta) by year-end, and preparing to host joint trade committee (JTC) meetings with the UK and the Eurasian Economic Union (EAEU) this year in preparation for future FTAs.
Chotima Iemsawasdikul, director-general of the department, said plans have begun to accelerate negotiations for FTAs, with Thailand-Efta a priority for the government.
Thailand is expected to conclude the ongoing Thailand-EU and Asean-Canada FTA negotiations in response to the private sector’s needs, while moving forward with new FTA negotiations with South Korea and Bhutan to expand trade and investment opportunities, she said.
According to Ms Chotima, the country is expected to conclude negotiations for Thailand-Efta this year, its first FTA negotiation with Europe.
Another agreement represents an upgrade to the existing FTAs in the Asean framework, which includes China, India, Peru, Australia and New Zealand, facilitating trade and investment for Thai businesses.
Thailand has 14 FTAs with 18 trading partners and it concluded FTA negotiations with Sri Lanka on Feb 3, 2024, with the pact expected to come into effect later this year.
She said the department plans to host JTC meetings in the second half this year with key trading partners such as Malaysia, Bangladesh and China to solve trade issues and strengthen economic cooperation.
Plans also include meeting with the UK and the EAEU in preparation for future FTAs.
For the first five months this year, Thailand’s trade volume with 18 FTA partner countries was UScopy46 billion, up 0.1% year-on-year.
Exports were valued at $70.9 million, up by 2.4%, while imports were valued at $74.6 billion, down by 2.0%.
Key exports included automobiles and auto parts, gems and jewellery, refined oil, plastic pellets, and computers and computer parts.
Key imports included electrical machinery and components, machinery and mechanical components, chemical products, iron and steel, and electrical circuits.
