Illustrative image (Photo: aseanbriefing.com)Bangkok (VNA)- Thailand ispreparing to embark on talks on a free-trade agreement with the EUwith the aim of concluding the deal within two years.
Auramon Supthaweethum, Director-General of the Department of Trade Negotiations under the CommerceMinistry, the ministry is preparing to lead a team of state agencies tonegotiate the first round of the EU-Thailand FTA, scheduled for Sept 18-22 inBrussels, Belgium. This will include meetings at the head of delegation leveland 19 expert-level subcommittee meetings.
The Institute of Future Studies for Development, whichhas conducted a preliminary assessment of the benefits and impacts of the EU-Thailand FTA, expects it to expand Thailand's GDP by 1.28% annually, increase exports by2.83% annually, and raise imports by 2.81% annually. Furthermore, it willsupport foreign investment and job creation in Thailand while elevating internationalstandards in related areas such as intellectual property rights, labour rights,environmental standards, and sustainability.
In the first seven months of this year, trade between Thailandand the EU amounted to 24.7 billion USD, with Thailand exporting goods worth 12.9billion to the EU and importing goods valued at 11.8 billion from the EU.
Thailand's key exports include computers andcomponents, air-conditioners and parts, jewellery, electronic circuit boards,and rubber products. Meanwhile, Thailand mainly imports include machinery and components, pharmaceuticaland medical products, chemicals, and electrical machinery and components./.
