Bangkok (VNA) - Beforethe Songkran holiday, senior officials from Thailand and the European Union (EU)met in Bangkok to discuss ways to promote their relationship, including theframework of the Free Trade Agreement (FTA), green transformation, and Schengenvisa waiver, Thai media has reported.
According to the Bangkok Post, if everything goes as planned,Thailand and the EU could sign a free trade agreement by mid-2025, another example of the EU's increasing engagement in the Indo-Pacificregion.
Thailand is considered Europe's strategic hub. The EU wants to use Thailand, the Southeast Asianregion's second-largest economy, as a gateway to promote trade and investmentin the broader region.
Now after almost a decade, thetwo sides agreed to jump-start the negotiation process. Six months after theMarch 2019 election, the EU normalised ties with Thailand. But it was in March 2023 thatThailand and the EU agreed to relaunch negotiations for "an ambitious,modern and balanced FTA, with sustainability at its core.
The first round of renewed talkswas held in September in Brussels, followed by another round in Bangkok inearly January. For the rest of this year, two additional rounds are planned, inBrussels in June and in Bangkok in September.
It is hoped that by theyear-end, the two sides will be able to iron out the nitty gritty in all thelegal documents so a deal can be signed by 2025.
In 2023,the EU was Thailand's fourth largest trading partner after China, Japan, andthe US, with total two-way trade amounting to 41.6 billion USD.
Lastyear, Thailand's exports to the EU hit 21.8 billion USD, while its imports fromthe EU were valued at 19.8 billion USD.|
Among ASEANmembers, Thailand is one of the most important destinations for Europeaninvestments. In 2022, investment reached 42 billion USD. The EU is the secondlargest investor in Thailand after Japan./.
According to the Bangkok Post, if everything goes as planned,Thailand and the EU could sign a free trade agreement by mid-2025, another example of the EU's increasing engagement in the Indo-Pacificregion.
Thailand is considered Europe's strategic hub. The EU wants to use Thailand, the Southeast Asianregion's second-largest economy, as a gateway to promote trade and investmentin the broader region.
Now after almost a decade, thetwo sides agreed to jump-start the negotiation process. Six months after theMarch 2019 election, the EU normalised ties with Thailand. But it was in March 2023 thatThailand and the EU agreed to relaunch negotiations for "an ambitious,modern and balanced FTA, with sustainability at its core.
The first round of renewed talkswas held in September in Brussels, followed by another round in Bangkok inearly January. For the rest of this year, two additional rounds are planned, inBrussels in June and in Bangkok in September.
It is hoped that by theyear-end, the two sides will be able to iron out the nitty gritty in all thelegal documents so a deal can be signed by 2025.
In 2023,the EU was Thailand's fourth largest trading partner after China, Japan, andthe US, with total two-way trade amounting to 41.6 billion USD.
Lastyear, Thailand's exports to the EU hit 21.8 billion USD, while its imports fromthe EU were valued at 19.8 billion USD.|
Among ASEANmembers, Thailand is one of the most important destinations for Europeaninvestments. In 2022, investment reached 42 billion USD. The EU is the secondlargest investor in Thailand after Japan./.
VNA
