The Thai Commerce Ministry is aiming to sign three free trade agreements in 2024. (Photo: Nikkei) Bangkok (VNA)– The Thai Commerce Ministry is aiming to sign three free trade agreements in 2024, including two new deals with Sri Lanka and the European Free Trade Association (EFTA), and an upgrade to the existing ASEAN – Australia – New Zealand trade pact.
Director General of the Trade Negotiations Department Chotima Iemsawasdikul said on January 10 that her department has expedited negotiations to align with the policy of the government led by Prime Minister Srettha Thavisin, who wishes to create more opportunities and increase competitiveness for Thai businesses.
The department eyes the signing of the Thailand – Sri Lanka FTA in early February, requiring Srettha to pay an official visit to Sri Lanka on February 3-4 to witness the official signing ceremony. The agreement will then be presented to the parliament for its ratification, which takes around 60 days.
Both sides will later announce a 50% reduction in import tariffs on all listed goods included in the negotiations to 0%. Thailand included 10,000 items in the negotiations, while Sri Lanka included 8,000 items.
Products from Thailand that are expected to benefit from reduced tariffs comprise cars and car parts, paper, rubber gloves, processed food, animal feed, and textiles.
Chotima said Thailand is expected to conclude the negotiations for the Thailand – EFTA FTA by April this year, with the goal of signing the agreement in June.
The EFTA includes the four countries of Switzerland, Norway, Iceland and Liechtenstein.
The final FTA scheduled to be signed this year is the ASEAN – Australia – New Zealand FTA, which represents an upgrade to the existing agreement, covering a broader range of goods, services and investments, she added./.
