Illustrative image (Photo: Internet) Bangkok (VNA) – The European Union (EU) on October 15 announced a plan to resume free trade agreement with Thailand, which has been suspended since 2014.
The statement linked the decision to the general election in March that officially ended five years of military rule, saying that the EU Council now considers it appropriate for the EU to take steps towards broadening its engagement with Thailand.
Part of the effort included preparations to sign a Partnership and Co-operation Agreement (PCA), towards closer economic and political ties with Thailand and resuming trade negotiations with the Southeast Asia's second largest economy.
According to the European Commission, two-way trade between the EU and Thailand neared 38 billion EUR (42 billion USD) last year.
The EU is Thailand's third largest export market, with 22.9 billion EUR worth of Thai goods and services being sold to the bloc, mainly machinery and transportation equipment.
The EU resumed political contact with Thailand in 2017./.
The statement linked the decision to the general election in March that officially ended five years of military rule, saying that the EU Council now considers it appropriate for the EU to take steps towards broadening its engagement with Thailand.
Part of the effort included preparations to sign a Partnership and Co-operation Agreement (PCA), towards closer economic and political ties with Thailand and resuming trade negotiations with the Southeast Asia's second largest economy.
According to the European Commission, two-way trade between the EU and Thailand neared 38 billion EUR (42 billion USD) last year.
The EU is Thailand's third largest export market, with 22.9 billion EUR worth of Thai goods and services being sold to the bloc, mainly machinery and transportation equipment.
The EU resumed political contact with Thailand in 2017./.
VNA
