The Trade Negotiations Department has outlined its plan for the latter half of 2024, with a focus on concluding negotiations for a free trade agreement (FTA) with the European Free Trade Association (Efta) by the end of the year. Additionally, they are gearing up to hold joint trade committee (JTC) meetings with the UK and the Eurasian Economic Union (EAEU) to pave the way for future FTAs.
Chotima Iemsawasdikul, the director-general of the department, emphasized the government’s priority on expediting negotiations for the Thailand-Efta FTA. In response to the needs of the private sector, Thailand is looking to finalize ongoing FTA negotiations with the EU and ASEAN-Canada, while also venturing into new FTA talks with South Korea and Bhutan to enhance trade and investment prospects.
Ms. Chotima mentioned that Thailand anticipates reaching an agreement on the Thailand-Efta FTA this year, marking its first FTA negotiation with Europe. Furthermore, there are plans to enhance existing FTAs within the ASEAN framework, involving countries like China, India, Peru, Australia, and New Zealand, which will benefit Thai businesses by facilitating trade and investment.
With 14 FTAs in place with 18 trading partners, Thailand recently concluded FTA negotiations with Sri Lanka on Feb 3, 2024, expected to take effect later in the year. The department aims to convene JTC meetings in the latter part of the year with key trading partners such as Malaysia, Bangladesh, and China to address trade issues and bolster economic collaboration.
Thailand’s trade volume in the first five months of the year with its 18 FTA partner countries amounted to US$146 billion, showing a marginal 0.1% increase year-on-year. Exports totaled $70.9 million, up 2.4%, while imports reached $74.6 billion, a 2.0% decrease. Leading exports included automobiles, gems and jewelry, refined oil, plastic pellets, and computers, whereas top imports comprised electrical machinery, machinery components, chemicals, iron and steel, and electrical circuits.
