BANGKOK – As FTA partners, the Ministry of Commerce is seeking to enhance trade cooperation with New Zealand as a new export market for Thai products, replacing markets affected by global economic challenges. The Thailand-New Zealand FTA has, so far, tripled the trade value between both countries.
The Department of Trade Negotiations Director General Auramon Supthaweethum has revealed Thailand will be hosting a Thailand-New Zealand Closer Economic Partnership meeting on 28 and 29 November, at which officials will be following up on outcomes from the Thailand-New Zealand Free Trade Agreement (FTA), which has been in effect since 2005.
With the FTA, New Zealand has waived customs duties for all Thai products exported to New Zealand, while Thailand has waived duties for 99% on imported products from New Zealand. This agreement has led to a 321 percent increase in trade value between both countries.
At this upcoming meeting, both countries will be discussing more economic partnerships, such as a capacity building initiative for Thai dairy farmers, the enhancement of the Ease of Doing Business factors, as New Zealand is well regarded as one of the easiest countr in which to start a business.
Both countries will also be discussing campaigns to improve SMEs, as well as market expansion. It is expected this meeting will help raise Thailand-New Zealand trade value further, beyond 2.387 billion U.S. dollar recorded in 2018.