BANGKOK, 11 September 2013 Thailand is expected to sign a free trade agreement (FTA) with Chile during the Chilean president’s visit to the country in October.
The FTA which has won parliamentary approval in March is expected to be inked when President Sebasti?n Pi?era visits Thailand during October 3-4. The deal will take effect late this year.
Thailand is set to benefit from new trade opportunities derived from Chile’s extensive FTA network and Chile’s close economic ties with the countries of Latin America, which represent a market of more than 500 million people. It is expected that overall bilateral trade value should grow by 13 percent once the FTA is fulfilled.
The FTA eliminates tariffs on up to 90% of products from the two countries. The remaining 10% of products will have their tariffs cut on a gradual basis.
Chile is Thailand’s third-largest trading partner in Latin America, after Brazil and Argentina. Trade between Thailand and Chile was worth US$978.43 million last year. Thailand enjoyed a trade surplus with Chile of $278.07 million.