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Thailand, Australia enhance sustainable and stable regional trade

One of significant topics in their discussion was Australia’s New Vehicle Efficiency Standard (NVES), a framework promoting low- and zero-emission vehicles. The standard is effective from January 1, with enforcement beginning on July 1.

New car models are showcased at the Bangkok International Motor Show 2024. (Photo: bangkokpost.com)
New car models are showcased at the Bangkok International Motor Show 2024. (Photo: bangkokpost.com)

Bangkok (VNA) – Thailand and Australia are working to enhance sustainable and stable regional trade, focusing to boost the value of automotive exports and maintain Thailand’s status as Australia’s leading exporter of pickup trucks.

Thai Minister of Commerce Pichai Naripthaphan discussed these objectives after meeting with Australian Ambassador Angela Macdonald at her Bangkok residence last week.

One of significant topics in their discussion was Australia’s New Vehicle Efficiency Standard (NVES), a framework promoting low- and zero-emission vehicles. The standard is effective from January 1, with enforcement beginning on July 1.

However, last year, Thai authorities urged Australia to delay the plan, as some Thai car manufacturers were not prepared for stricter emissions standards.

Pichai said that at the meeting with the Australian ambassador, he proposed a gradual application of these regulations to mitigate potential negative impacts on trade relations. Thailand continues to lead as the primary supplier of pickup trucks to Australia, with imports valued at 153 billion THB (4.66 billion USD) projected for 2024.

The two countries are partners in three key free trade agreements - the Thailand-Australia Free Trade Agreement, the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), and the Regional Comprehensive Economic Partnership (RCEP). They are also engaged in the Thailand-Australia Strategic Economic Cooperation Arrangement and the upgraded AANZFTA, which is currently under ratification.

Pichai said that in light of global economic challenges, both countries should leverage these agreements to boost trade and investment, particularly in data centre infrastructure.

In 2024, the total trade between Thailand and Australia reached 17.84 billion USD, down 6.4% compared to the previous year, with Thailand achieving a trade surplus of 6.82 billion USD.

Key exports included automobiles, auto parts and accessories, air conditioners, and computer-related equipment. Imports from Australia amounted to 5.51 billion USD, primarily comprising natural gas, crude oil, and precious stones and metals./.

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#Thailand #Australia #automotive exports #pickup trucks #emissions standards Thailand
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