Thailand to have first FTA with Europe’s trade bloc EFTA
A free trade agreement between Thailand and the European Free Trade Association (EFTA), including Switzerland, Norway, Iceland and Liechtenstein, will be signed in Davos on Thursday, becoming the first pact of its kind between the Southeast Asian country and the trade bloc.
A port in Bangkok, Thailand. Photo courtesy of AFP/VNA.
According to the Thai Ministry of Commerce, with the FTA, Thai enterprises could expand exports to Europe to increase revenue.
From January to November 2024, trade between the two sides reached $11.5 billion, a year-on-year increase of 25%. Thai exports to the EFTA members were valued at $4.12 billion, while imports totalled $7.35 billion. Major Thai exports included jewellery, watches, steel products, canned seafood, and travel goods.
Negotiations for the deal, initiated in 2022, were completed within two years, meeting the targeted timeline. The 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.
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