Thailand and Australia have pledged to strengthen trade and investment cooperation, following the 1st Economic Strategy Meeting in Bangkok, co-chaired by Deputy Minister of Commerce Suchart Chomklin, and Australia’s Assistant Minister for Trade, Tim Ayres. Both countries expressed satisfaction with the substantial growth in trade volume, a 200% increase under the Thailand-Australia Free Trade Agreement (TAFTA), as both countries celebrate the upcoming 20th anniversary of the agreement.
Key discussions focused on expanding cooperation in agriculture, digital trade, and green energy while addressing environmental challenges. Thailand sought Australia’s assistance in developing its agriculture through technology, promoting the digital economy, and advancing the health and tourism sectors. The two sides also discussed promoting future automotive industries and green hydrogen energy as part of broader efforts to adapt to global trends like climate change.
Suchart called for Australia’s support in reducing trade barriers, especially in the agricultural and automotive sectors, while requesting a gradual implementation of emission standards for Thai-made cars to ease the impact on exports. Additionally, Thailand stressed the importance of boosting Australian investment in the Eastern Economic Corridor, focusing on education and renewable energy.
Bilateral trade between the two countries reached 10.82 billion US dollars in the first seven months of 2024, with Thai exports growing by over 10%. Key exports included automobiles, air conditioning units, and computers, while imports from Australia comprised natural gas, crude oil, and plant products. (NNT)
