Thailand to host public forum on EU-Thai Free Trade Agreement
Thailand’s Trade Negotiations Department will host a public forum today for comments on a proposed EU-Thai Free Trade Agreement (FTA).
Bilateral trade negotiations between Brussels and Bangkok began in 2013 but halted as a result of the 2014 Thai military coup. The EU restarted talks after the formation of a new government following the 2019 elections. With $45 billion in bilateral trade in 2018 alone, the EU is Thailand’s third largest trade partner and Brussels views Thailand as a critical trade relationship to develop.
Today’s timely forum will provide input on whether Thailand is ready to reactivate FTA negotiations. Data has suggested that reducing tariffs through a Thai-EU FTA would increase bilateral trade by 3.4% for both partners, leading to a 1.6% higher Thai GDP. With exports, most which are manufactured goods, down 23% from last year and a government budget deficit of $15 billion, military-backed Prime Minister Prayuth Chan-o-cha needs a trade victory to bolster support from Thailand’s business sector. Consequentially, consider it likely that both sides will move quickly to sign a deal, thereby expanding Brussels’ portfolio of bilateral trade agreements in Southeast Asia.
Wake up smarter with an assessment of the stories that will make headlines in the next 24 hours. Download The Daily Brief.
