Thailand is engaging in discussions with Russia to accelerate negotiations for a free trade agreement (FTA) with the Eurasian Economic Union (EAEU).
During a meeting held at the Commerce Ministry on Wednesday with Russian Deputy Minister of Agriculture Sergey Levin, Commerce Minister Pichai Naripthaphan announced that both countries have agreed to enhance trade and investment cooperation, particularly in high technology and artificial intelligence—fields in which Russia has significant expertise and seeks to grow its manufacturing capabilities.
In recent years, there has been a shift of data center and printed circuit board manufacturing to Thailand, which is anticipated to boost continued investment in high technology, particularly digital innovation, according to Mr. Pichai.
He emphasized Thailand’s strategic position as a global food hub and a center for food security.
Mr. Pichai urged Russia to increase imports of Thai rice and food products, while Russia requested that Thailand contemplate importing agricultural goods like wheat, dairy products, and livestock.
Thailand expressed its willingness to host the 5th Meeting of the Sub-committee on Trade and Economic Cooperation between Thailand and Russia in the first quarter of 2025. This ministerial-level meeting aims to enhance economic, trade, and investment collaboration in areas of mutual interest.
Additionally, the Thai delegation sought Russia’s support to initiate an FTA between Thailand and the EAEU to broaden trade and investment cooperation between the two.
The EAEU, which includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan, is a significant economic bloc with nearly 200 million people and a combined GDP of $5 trillion.
In 2023, Russia ranked as Thailand’s 37th-largest trading partner but was the top partner among EAEU member states.
In the first nine months of 2024, total trade between Thailand and Russia reached $1.19 billion, representing 0.26% of Thailand’s total trade.
Thai exports to Russia were valued at $610 million, while imports from Russia amounted to $578 million, resulting in a trade surplus of $32 million.
Key exports from Thailand to Russia include rubber products, automobiles, auto parts, and machinery components, whereas key imports from Russia consist of fertilizers, pesticides, metal ores, scrap metal, and chemicals.
