BANGKOK, Thailand – Thailand and Turkey are advancing economic ties as Deputy Commerce Minister Suchart Chomklin and Turkey’s Deputy Minister of Trade, Mustafa Tuzcu, agree to resume discussions on a Free Trade Agreement (FTA) between the two nations. The announcement followed Suchart’s participation in the 40th session of the Organisation of Islamic Cooperation’s (OIC) Standing Committee for Economic and Commercial Cooperation (COMCEC) in Istanbul. FTA talks, which had been paused since 2022, are now set to recommence, potentially paving the way for expanded trade and investment.
In addition to the FTA discussions, Turkey invited Thailand to attend the inaugural Joint Trade Committee (JTC) meeting in Ankara. Established as a formal platform for bilateral economic dialogue, the JTC works to enhance cooperation in trade, investment, and tourism. Suchart expressed Thailand’s readiness to join this first ministerial-level meeting, encouraging Turkish investors to consider opportunities in Thailand’s Eastern Economic Corridor (EEC).
Bilateral trade between Thailand and Turkey remains steady, with Turkey ranking as Thailand’s 33rd largest global trading partner and 4th in the Middle East. From January to September 2024, trade between the two nations reached 1.22 billion US dollars. Thailand’s major exports to Turkey include automobiles, air conditioners, rubber products, and synthetic fibers, while key imports from Turkey consist of chemicals, machinery, jewelry, crude oil, and ready-made garments.
The renewed FTA negotiations are anticipated to open new economic opportunities for both nations by establishing a framework to reduce trade barriers. The collaboration is expected to strengthen Thailand’s presence in the Middle Eastern market and offer Turkey greater access to Southeast Asian markets.
