BANGKOK, 14 February 2013 The Thai Chamber of Commerce (TCC) is urging the government to swiftly conclude negotiations on a free-trade agreement (FTA) with the European Union ahead of the establishment of a U.S.-EU trade agreement.
US President Barack Obama issued a press release on Wednesday, announcing the start of the negotiations on Transatlantic Trade and Investment Partnership between EU and US. Once signed, the economic partnership between the two regions will account for half of the global economic output and nearly one trillion dollars in goods and services trade.
TCC president Pongsak Atsakul said the government should not further delay negotiations as the country will not stand to reap maximum benefits from the planned US-EU free trade agreement for all sectors involved. He added that the FTA with the EU itself will help maintain Thailand’s competitiveness and support long-term trade and investment.
Last month, the cabinet has approved a framework for the free trade agreement which is set to prevent an exclusion of Thailand from the generalised system of preferences (GSP) in 2015 and the transfer of EU investment bases from Thailand to neighbouring countries. Critics have remarked however that the framework is expected to put Thailand at a disadvantage, particularly on drug patents and intellectual property.
