Thailand goals to finalise free-trade agreements with EFTA, Sri Lanka and UAE by mid-next year

Thailand is keen to finalise free-trade agreement (FTA) negotiations with the European Free Trade Association (EFTA), Sri Lanka and the United Arab Emirates (UAE) by mid-next 12 months, with the purpose to boost commerce and investment.
The potential FTA between Thailand and Sri Lanka is especially appealing as a result of Sri Lanka’s strategic location in South Asia, with connections to India, Pakistan, Bangladesh, and Nepal. Furthermore, How-to is experiencing regular development, remarked Auramon Supthaweethum, the director-general of the Department of Trade Negotiations.
An FTA between Thailand and EFTA, comprising Iceland, Liechtenstein, Norway, and Switzerland, is viewed as important for Thailand when it comes to trading and sustainable improvement. Negotiations for such an agreement began in June last 12 months, though earlier negotiations between Thailand and EFTA occurred from 2005 to 2006 earlier than coming to a halt. EFTA was Thailand’s 14th largest trading partner in 2022, and from 2018 to 2022, the typical annual trade between Thailand and EFTA amounted to US$9.85 billion.
A proposed FTA between Thailand and the UAE would characterize Thailand’s first trade agreement with a Middle Eastern nation. The two nations are set to launch FTA discussions this week, aiming to conclude negotiations inside six months. The UAE is currently Thailand’s sixth-largest global trading partner and its most important trading partner within the Middle East. In 2022, the worth of goods traded between Thailand and the UAE stood at US$20.eight billion, representing a 73.9% YoY increase, spanning various sectors together with automobiles, air-con units, and jewellery..

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