The recent third round of free trade negotiations between Thailand and the European Union (EU) has concluded, with the upcoming fourth round scheduled to be hosted by Thailand on November 4.
Chotima Iemsawasdikul, director-general of the Trade Negotiations Department, announced that the discussions for a Thailand-EU free trade agreement (FTA) occurred from June 17-21 in Brussels, Belgium. The negotiations involved 20 different groups covering various areas within the scope of the future agreement.
A detailed schedule has been established for all groups to participate in future activities such as exchanging data and opinions, discussing additional drafts, and engaging in interim negotiations. These activities are aimed at making substantial progress during the fourth round of negotiations, planned for November 4 in Bangkok.
The Trade Negotiations Department intends to organize a meeting with stakeholders to provide updates on the negotiation progress and outline plans for upcoming negotiation sessions.
The Thai government has placed a high priority on the Thai-EU FTA as a means to enhance Thailand’s trade opportunities in the EU market, which stands as the world’s third-largest economy with 27 member countries. Additionally, the government aims to attract investments from the EU and other regions.
Key issues requiring clarification include government procurement, competition and subsidies, trade and sustainable development, and energy and raw materials. Discussions in the future rounds will concentrate on addressing these issues to facilitate further engagement.
In 2023, the EU ranked as Thailand’s fifth-largest trading partner following Asean, China, the US, and Japan, with bilateral trade reaching $41.6 billion, a 1.43% increase compared to the previous year. Thai exports to the EU amounted to $21.8 billion last year, witnessing a 4.21% decline, while imports from the EU were valued at $19.8 billion, showing an 8.50% increase.
The trade figures for the initial five months of this year indicate a total of $18 billion, up by 1.58% year-on-year. Thai exports to the EU grew by 3.75%, amounting to $9.8 billion, whereas imports from the EU stood at $8.2 billion, a decrease of 0.92%.
Prominent Thai products expected to benefit from a Thai-EU FTA encompass food and processed food items, automobiles and auto parts, garments, electrical appliances, electronics, rubber gloves, eyeglass lenses, gems, and jewelry.
