Talks on a free-trade agreement between Thailand and the European Union (Thai-EU FTA) are set to kick off next week, to finalise the deal within a two-year timeframe. Stunning of Trade Negotiations, underneath the Thai Commerce Ministry, is spearheading the negotiations.
Auramon Supthaweethum, the department’s director-general, revealed that a team from various state businesses is being prepped for the primary negotiation spherical in Brussels, Belgium, scheduled for September 18-22. She mentioned that this round would function the head of delegation-level meetings and 19 expert-level subcommittee discussions.
The complete subcommittees cover a variety of areas including commerce in goods, guidelines of origin, customs procedures, commerce facilitation, trade remedies, sanitary measures, technical limitations to trade, providers and investment trade, digital commerce, intellectual property, competition, subsidies, authorities procurement, and more.
Representatives from key authorities businesses such because 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 shall be a part of Thailand’s negotiation group.
The Institute of Future Studies for Development anticipates constructive outcomes from the Thai-EU FTA. It predicts a 1.28% annual progress in Thailand’s GDP, a 2.83% annual increase in exports, a 2.81% annual rise in imports, and an overall enhance in international funding and job creation. The institute additionally expects the FTA to reinforce worldwide standards in areas like mental property rights, labour rights, environmental standards, and sustainability.
Auramon emphasised the department’s commitment to engaging with stakeholders during the negotiations to attain complete and mutually useful outcomes.
Trade between Thailand and the EU through the first seven months of this 12 months reached a value of US$24.7 billion. Thailand’s exports to the EU have been worth US$12.9 billion, whereas imports from the EU were valued at US$11.8 billion. Key Thai exports embody computer systems and parts, air-conditioners and elements, jewelry, digital circuit boards, and rubber products.
Conversely, Thailand’s major imports from the EU include machinery and parts, pharmaceutical and medical products, chemical substances, and electrical equipment and components, reported Bangkok Post..