The Thai Ministry of Commerce has announced that efforts are underway to finalize three Free Trade Agreements (FTAs) by the middle of next year. According to the Ministry, these include FTAs with the United Arab Emirates (UAE), Sri Lanka, and the European Union.
Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai revealed that negotiations with the UAE are in their fourth round and are expected to conclude this year. The market’s potential is estimated to boost Thai exports by 21.6–30.1 billion baht, focusing on key products like food, textiles, and plastics.
Talks with Sri Lanka have reached the sixth round, targeting a conclusion early next year. The FTA is expected to increase Thailand’s GDP by 4.13 billion baht and annual investments in Sri Lanka by 1.91 billion baht.
Lastly, the sixth round of discussions on the European Free Trade Association (EFTA) aims for a mid-2024 completion. Key benefiting sectors for Thailand include processed food, apparel, and auto parts. (NNT)