Thailand is preparing to begin negotiations for a free-trade agreement with the EU, known as the Thai-EU FTA. The aim is to conclude this agreement within two years.
Auramon Supthaweethum, the director-general of the Department of Trade Negotiations under the Commerce Ministry, has stated that the ministry is gearing up to lead a team of state agencies for the first round of negotiations for the Thai-EU FTA. These negotiations are scheduled to take place from September 18 to 22 in Brussels, Belgium. The negotiations will include meetings at the head of delegation level and 19 expert-level subcommittee meetings.
The 19 subcommittees cover various areas, including trade in goods, rules of origin, customs procedures, trade facilitation, trade remedies, sanitary and phytosanitary measures, technical barriers to trade, trade in services and investment, digital trade, intellectual property, competition and subsidies, and government procurement. Additionally, there are discussions related to trade and sustainable development, small and medium-sized enterprises, state-owned enterprises, energy and raw materials, sustainable food systems, transparency and good regulatory practices, dispute settlement, and preliminary provisions, general provisions, final provisions, provisions relating to institutions, and exceptions.
Thailand’s negotiation team will comprise representatives from relevant government agencies, including the Commerce Ministry, the Finance Ministry, the Agriculture and Cooperatives Ministry, the Industry Ministry, the Natural Resources and Environment Ministry, the Labour Ministry, and the Foreign Affairs Ministry.
The Institute of Future Studies for Development has conducted a preliminary assessment of the Thai-EU FTA’s potential benefits and impacts. They expect it to contribute to Thailand’s GDP growth by 1.28% annually, increase exports by 2.83% annually, and raise imports by 2.81% annually. Moreover, it is anticipated to attract foreign investment and create jobs in Thailand while promoting international standards in areas such as intellectual property rights, labor rights, environmental standards, and sustainability.
Ms. Auramon stated that the department will engage in negotiations with stakeholders to ensure comprehensive and mutually beneficial outcomes.
In the first seven months of this year, trade between Thailand and the EU reached $24.7 billion. Thailand exported goods worth $12.9 billion to the EU and imported goods valued at $11.8 billion from the EU. Key Thai exports included computers and components, air-conditioners and parts, jewelry, electronic circuit boards, and rubber products. Key imports included machinery and components, pharmaceutical and medical products, chemicals, and electrical machinery and components.
READ MORE: https://bangkokone.news
SOURCE: http://bangkokpost.com
