Thailand is set to host the second round of free trade agreement (FTA) discussions with the European Union (EU) at the end of January, aiming to finalize an agreement within the next two years. Department of Trade Negotiations Director-General Chotima Iemsawasdikul stated that the talks would focus on liberalizing trade, investment, and services.
The plan is to conduct three meetings annually, targeting the completion of negotiations by 2025. The first round took place in Brussels, Belgium, this September, involving 19 expert-level subcommittees on various trade aspects, including digital trade, intellectual property, and sustainable development.
Commerce Minister Phumtham Wechayachai, following a recent meeting with members of the European Parliament in Bangkok, expressed hope for the European Parliament’s support in swiftly concluding and enforcing the Thai-EU FTA. Discussions also touched on green trade, environmental sustainability, and climate change issues.
The European Parliament’s approval is crucial for the FTA, and the recent interactions underline the EU’s interest in Thailand as an economic partner. The EU is Thailand’s fourth-largest trading partner, with two-way trade in the first ten months of this year reaching US$35 billion, accounting for 7.3% of Thailand’s total global trade.
Thailand’s exports to the EU, including computers and rubber products, were valued at $18.2 billion, while imports from the EU, such as machinery and medical products, totaled $16.7 billion. (NNT)
