Thailand secures first FTA with European trade bloc
Thai Minister of Commerce Pichai Naripthaphan has announced the successful conclusion of negotiations on the Free Trade Agreement (FTA) between Thailand and the European Free Trade Association (EFTA) comprising Switzerland, Norway, Iceland and Liechtenstein.
Thai Minister of Commerce Pichai Naripthaphan. Photo courtesy of Bangkok Post.
The deal, to be signed in January 2025, marks a significant step in Thailand's efforts to strengthen trade relationships, expand export opportunities and attract foreign investment, aligning with Prime Minister Paetongtarn Shinawatra's directives to pursue FTAs with key trade partners, he said.
Pichai said the negotiations, initiated in 2022, had been completed in two years, meeting the targeted timeline.
This FTA covers 15 comprehensive areas, such as trade in goods, rules of origin, trade facilitation, services, investment, intellectual property, public procurement, competition, sustainability and SME development.
It is also Thailand's first FTA with a European trade bloc, setting modern standards and addressing sustainable development goals. It is expected to pave the way for future agreements with other key partners, such as the European Union.
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