Further talks on strengthening bilateral trade between Thailand and Turkey, including negotiations for a free trade agreement (FTA), have taken place during the Fourth Meeting of the Thai-Turkish Joint Committee on Economic and Technical Cooperation (JETC).
Thai Deputy Prime Minister and Foreign Minister Don Pramudwinai held bilateral discussions with Turkey’s Minister of Industry and Technology Mustafa Varank in the Turkish capital Ankara. Both sides also co-chaired the 4th JETC to revitalize cooperation between both nations.
The 4th JETC meeting discussed cooperation under the JETC framework – 20 years after the previous session in 2003. Both sides expressed their intention to hold high-level dialogues in order to enhance bilateral relations, especially amid common geopolitical challenges including food and energy security.
One of the issues discussed at the meeting was expediting negotiations for the Free Trade Agreement (FTA) between Thailand and Turkey to increase bilateral trade to US$2 billion. Both sides also held talks on enhancing reciprocal investment, especially in Thailand’s Eastern Economic Corridor, as well as potential areas of cooperation such as science, technology, and innovation, renewable energy, the Bio-Circular-Green (BCG) Economic Model and the defense industry.
After the meeting, both ministers presided over the signing of a memorandum of understanding on development ties between the Thailand International Cooperation Agency and the Turkish Cooperation and Coordination Agency. They also signed the minutes of the latest JETC meeting, which will serve as a guideline for future cooperation, as well as promote new potential areas of collaboration such as defense frameworks. (NNT)
