Bangkok: Deputy Prime Minister and Minister of Commerce, Supajee Suthamphan, has announced that five international trade and investment agreements, recently approved by Parliament, will serve as key mechanisms for enhancing Thailand's trade and investment prospects. These agreements, particularly the Thailand-European Free Trade Association (EFTA) and Thailand-Bhutan Free Trade Agreements (FTAs), are expected to open new markets in Europe and South Asia, thereby strengthening Thailand's economic competitiveness.
According to Thai News Agency, Supajee highlighted that the Thailand-EFTA FTA is Thailand's first such agreement with European countries, including Switzerland, Norway, Iceland, and Liechtenstein. These nations represent a high-purchasing power market with advanced technology and innovation. By reducing and eliminating import tariffs on various goods, particularly in agriculture and industry, the agreement is anticipated to grant Thai products greater access to European markets. Moreover, it offers Thai entrepreneurs opportunities to expand service businesses in sectors like construction, medical services, retail, and tourism, while also attracting foreign investment and technology transfer.
The Thailand-Bhutan FTA provides a gateway to the South Asian region, potentially boosting the export of Thai products such as automobiles, processed food, textiles, and environmentally friendly technology. It also allows access to Bhutanese raw materials, thereby reducing production costs and improving the competitiveness of Thai industries.
Additionally, the upgrading of the ASEAN-China Free Trade Agreement and improvements to the ASEAN Agreement on Goods aim to modernize trade regulations, reduce costs, and promote connectivity in the region. These initiatives will further facilitate international market access for micro, small, and medium-sized enterprises (MSMEs).
The acceptance of the Protocol amending the Marrakech Agreement to include the Agreement on Fisheries Subsidies is also notable. It supports sustainable fisheries management by prohibiting subsidies for illegal fishing practices, aligning Thai fisheries with international standards, and boosting the credibility of Thai fishery products in global markets focused on sustainability.
Supajee emphasized that the Ministry of Commerce will work to ensure Thai businesses maximize the benefits of these agreements, focusing on export and investment opportunities. Efforts will also be made to monitor the impact on local entrepreneurs and farmers to secure maximum advantages from future international agreements.