BANGKOK, 5 October 2013 – Thailand and Chile have signed a free trade agreement (FTA) in order to strengthen economic partnership and bilateral relations.
Chilean President Sebastian Pinera, during his official visit to Thailand, has met with Prime Minister Yingluck Shinawatra who welcomed him at the Government House where both parties agreed to sign the Thailand-Chile Free Trade Agreement. The agreement was aimed at strengthening ties and economic partnership. Both leaders also stressed the importance of democracy and human rights.
Under the signed agreement, 90 percent of bilateral trade will be tariff-free, with the remaining tariffs being cut over time.
Miss Yingluck also informed the president of Thailand’s 2.2 trillion baht infrastructure and 350 billion baht water management projects, while inviting Chile to take part in the mega projects.
Apart from the Thailand-Chile Free Trade Agreement, the two countries also inked a memorandum of understanding (MoU) on academic cooperation.
Chile is Thailand’s 3rd largest trading partner among Latin American countries, only behind Brazil and Argentina, whereas Thailand is Chile’s largest trading partner among all ASEAN countries, with the two-way trade estimated to be around 1 billion US dollars a year.
In 2012, Chilean export to Thailand valued at 315 million US dollars, while Thai export to Chile totaled 715 million dollars.
