Thailand aims to forge an FTA with the East African Community
Thailand aims to reach a free trade agreement (FTA) with the East African Community (EAC) to increase trade and investment with the seven-nation bloc, the Department of Trade Negotiations said on Wednesday.
Director-general Auramon Supthaweethum said she had discussed an FTA with Kenyan Ambassador to Thailand Kiptiness Lindsay Kimwole to promote trade and investment between the two countries.
Thailand sees the potential of the African market and the private sector has asked the Commerce Ministry to forge FTAs with African countries, Auramon said, adding that Thailand is interested in an FTA with the EAC. The EAC comprises Burundi, the Democratic Republic of Congo, Kenya, Rwanda, South Sudan, Tanzania, and Uganda.
Thailand and Kenya agreed to hold a joint trade committee meeting to discuss trade and investment, Auramon said, adding that Kenya will host the meeting in the first quarter of next year. This is an opportunity to organise activities and business matching between Thai and Kenyan business operators, as well as publicising Kenya's rules on trade and investment, she said.
Thailand has invited Kenyan business operators to participate in Thai trade shows, while Kenya wants to expand its exports to Thailand and is encouraging Thai companies to invest in Kenya, she added.
Trade between Thailand and Kenya totalled US$256.16 million (8.93 billion baht) last year, with exports from Thailand valued at $226.82 million (7.91 billion baht) and imports at $29.34 million (1.02 billion baht).
Thai exports include cars and their components, sugar, rubber products, plastic beads, and rice. Thailand imports chemicals, ores, metals, and jewellery from Kenya.
