Thailand, Australia strengthen strategic economic cooperation
A Thailand-Australia Strategic Economic Dialogue took place in Bangkok on Monday, during which the two sides discussed in-depth investment and trade opportunities.
Delegates attending the Thailand-Australia Strategic Economic Dialogue. Photo courtesy of nationthailand.com.
It saw the presence of Australia’s assistant Minister for Trade Tim Ayres and Thailand’s Deputy Commerce Minister Suchat Chomklin, and representatives from the business sectors of both nations.
Thailand and Australia marked the 20th anniversary of the Thailand-Australia Free Trade Agreement (TAFTA) by discussing potential investment and trade opportunities, along with strategies to enhance their strategic economic partnership.
Ayres noted that since the signing of the TAFTA, the two countries have entered the top 10 of trading and investment partners. He cited data from the UN Comtrade Database for 2022 as saying that Thailand exported goods worth $12.6 billion to Australia, while Australia’s exports to Thailand totalled $7 billion.
The TAFTA has significantly reduced tariffs on Thai goods, thereby creating new export opportunities for Australian businesses.
As the agreement reaches its 20th year, Ayres emphasised that further bilateral trade and investment can be anticipated as both economies adapt to evolving regional economic conditions.
He also expressed optimism about advancing clean energy initiatives and deepening strategic economic cooperation.
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