Thai-European free trade deal to bring much-needed boost to economy
Recently concluded agreement will go a long way to increasing Thailand’s competitiveness on the global stage, Thai Chamber of Commerce says
The Thai Chamber of Commerce (TCC) believes that the recently concluded Thailand-EFTA Free Trade Agreement (FTA) will serve as a key economic booster for Thailand.
Thailand’s Commerce Ministry announced last week that the EFTA (European Free Trade Association) Secretariat had officially declared the agreement complete after two years of talks, with the signing of the FTA expected to take place in January.
The ministry said negotiations covering 15 key issues, including trade in goods, rules of origin, trade facilitation, sanitary regulations, intellectual property, and sustainable development practices, were agreed upon by the heads of delegations from member countries Switzerland, Norway, Iceland and Liechtenstein.
“The Thai Chamber of Commerce and Board of Trade of Thailand firmly believe that the FTA with EFTA will be another important step in enhancing Thailand’s economy while strengthening the country’s global competitiveness and capabilities,” TCC chairman Sanan Angubolkul said on Monday.
He said the trade deal with EFTA would promote international trade and investments in a sustainable manner, creating new opportunities for Thai entrepreneurs.
Sanan also believed that this historic deal would help drive the conclusion of Thailand-European Union FTA within either 2025 or 2026.
The TCC reported that trade value between Thailand and EFTA members in the first 10 months of this year grew 23.22% year on year, with US$3.78 billion worth of exports and $6.5 billion worth of imports, and amounted to 2.03% of Thailand’s total international trade.
Key export products to EFTA members include jewellery, seafood, rice and machinery, while key import products include gemstones, live aquatic animals, and processed foods.
Trade value between Thailand and the EU in 2023 grew 1.75% year on year to $41.71 billion, with $21.96 billion worth of exports and $19.75 worth of imports. The EU is Thailand’s 5th largest trade partner following ASEAN, China, the United States and Japan.
