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DITP aims for more Foreign Trade Agreements with India and China

The overall market size of the new FTAs will be close to 365 million people.

On March 1, the first free trade agreement (FTA) will be signed, according to DITP director-general Phusit Ratanakul Sereeroengrit.

The Eastern metropolis, known as China’s Silicon Valley and home to more than 12.5 million people, will assist in introducing Thailand’s goods and services to other Chinese cities, he noted.

The DITP anticipates quickly signing an FTA with the Yunnan province. Yunnan, which has a population of 47.21 million people and shares a border with Burma, Vietnam, and Laos, would assist Thailand’s exports access more markets in the region by utilizing the China-Loas train network.

Phusit stated that there are still five more FTAs with Indian states in the works, and they should be completed before the year is over. Karnataka, Maharashtra, Kerala, Assam, and Gujarat are among these states. They have about 305 million people living there altogether.

The focus of the FTAs with Indian states would be on cooperative investment initiatives in the halal cosmetics, digital, biotechnology, palm oil, furniture, and medical services sectors.

The DIPT is also investigating the potential for forging FTAs with additional markets, including those in the Arabian Gulf, Africa, and Karachi, Pakistan, as suggested by the business sector.

While several of these nations experience fluctuating currency rates that would impact payments under an FTA, he noted, “a thorough investigation is required.”

According to Phusit, Thailand inked six free trade agreements with the following nations and cities in 2021 and 2022: China’s Hainan and Gansu, Japan’s Kofu, India’s Telangana, and South Korea’s Busan and Gyeonggi. The department predicts that these FTAs will increase Thai exports to these nations by at least 422 billion baht over the course of three years.

The overall market size of the new FTAs will be close to 365 million people.

On March 1, the first free trade agreement (FTA) will be signed, according to DITP director-general Phusit Ratanakul Sereeroengrit.

The Eastern metropolis, known as China’s Silicon Valley and home to more than 12.5 million people, will assist in introducing Thailand’s goods and services to other Chinese cities, he noted.

The DITP anticipates quickly signing an FTA with the Yunnan province. Yunnan, which has a population of 47.21 million people and shares a border with Burma, Vietnam, and Laos, would assist Thailand’s exports access more markets in the region by utilizing the China-Loas train network.

Phusit stated that there are still five more FTAs with Indian states in the works, and they should be completed before the year is over. Karnataka, Maharashtra, Kerala, Assam, and Gujarat are among these states. They have about 305 million people living there altogether.

The focus of the FTAs with Indian states would be on cooperative investment initiatives in the halal cosmetics, digital, biotechnology, palm oil, furniture, and medical services sectors.

The DIPT is also investigating the potential for forging FTAs with additional markets, including those in the Arabian Gulf, Africa, and Karachi, Pakistan, as suggested by the business sector.

While several of these nations experience fluctuating currency rates that would impact payments under an FTA, he noted, “a thorough investigation is required.”

According to Phusit, Thailand inked six free trade agreements with the following nations and cities in 2021 and 2022: China’s Hainan and Gansu, Japan’s Kofu, India’s Telangana, and South Korea’s Busan and Gyeonggi. The department predicts that these FTAs will increase Thai exports to these nations by at least 422 billion baht over the course of three years.

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