Bangkok: Mr. Pichai Naripthaphan, Minister of Commerce, announced the successful conclusion of negotiations for the EFTA-Thailand Free Trade Agreement. This marks Thailand's first Free Trade Agreement (FTA) with European countries, specifically the European Free Trade Association (EFTA), which includes Switzerland, Norway, Iceland, and Liechtenstein. This achievement aligns with the Thai government's policy, led by Prime Minister Ms. Paethongtarn Shinawatra, to expedite FTA negotiations with key trading partners, thereby enhancing export opportunities, trade advantages, and foreign investment in Thailand. According to Thai News Agency, the Ministry of Commerce, through the Department of International Trade Negotiations, has finalized discussions on 15 key issues, including trade in goods, rules of origin, and investment, among others. The negotiations, which began in 2022, were completed in two years, meeting the set target. This FTA is seen as a strategic move to reduce trade barriers and foster cooperation with major trading partners. Mr. Pichai highlighted the historical significance of this agreement, as it represents Thailand's first FTA with a European entity. The agreement is designed to adhere to modern trade standards, focusing on sustainable development goals. The next steps involve submitting the negotiation results to the Cabinet for approval, followed by a formal signing in January 2025 during the World Economic Forum in Davos, Switzerland. Post-signing, the agreement will be presented to the Parliament for ratification, aiming for swift implementation to benefit the Thai economy. Mr. Pichai expressed gratitude to the commerce team for their efforts in bringing the Thailand-EFTA FTA to fruition, describing it as a New Year's gift for the Thai people. He reassured that the country's trade and investment climate is improving, with the new FTA poised to further enhance economic prosperity. In the first ten months of 2024, trade between Thailand and EFTA reached 10,293.53 million US dollars, accountin g for 2.03 percent of Thailand's global trade, with a 23.22 percent increase from the previous year. Thailand's exports to EFTA include gems, machinery, and seafood, while imports consist of precious metals, medical products, and machinery.
Menu