Thailand has set its sights on establishing a free trade agreement (FTA) with the East African Community (EAC), in a bid to enhance trade and investment opportunities.
According to Department of Trade Negotiations Director-General Auramon Supthaweethum, discussions regarding an FTA recently took place between Thai officials and Kenyan Ambassador to Thailand, Kiptiness Lindsay Kimwole. The primary objective is to boost trade ties between Thailand and the seven-nation EAC bloc, which includes Burundi, the Democratic Republic of Congo, Kenya, Rwanda, South Sudan, Tanzania, and Uganda.
Recognizing the potential of the African market, Thailand’s Commerce Ministry has received requests from the private sector to pursue FTAs with African countries. Auramon expressed Thailand’s keen interest in an FTA with the EAC and outlined plans to convene a joint trade committee meeting with Kenya in the first quarter of next year. The meeting, to be hosted by Kenya, will serve as a platform to discuss trade and investment matters.
Auramon said the event would also provide an opportunity for Kenya to showcase its trade and investment regulations.
Efforts to strengthen bilateral trade have already begun, with Thailand extending invitations to Kenyan business operators to participate in Thai trade shows. In return, Kenya seeks to expand its exports to Thailand and encourages Thai companies to invest in its economy.
Last year, total trade between Thailand and Kenya amounted to $256.16 million (8.93 billion baht), with Thai exports valued at $226.82 million (7.91 billion baht) and imports at $29.34 million (1.02 billion baht). Significant Thai exports to Kenya include cars and their components, sugar, rubber products, plastic beads, and rice, while Kenya primarily imports chemicals, ores, metals, and jewelry from Thailand. (NNT)
