BANGKOK — Thailand and the EU will hold the 4th round of FTA negotiations in Bangkok this November, while the Thai government sees this as a top priority policy after observing the growing trend of exports to the EU.
For the first five months of January to May 2024, the total bilateral trade volume reached USD 17,985.21 million, up by 1.58% from the previous year’s period. Thai exports to the EU were USD 9,821.81 million, increasing by 3.75%, whereas imports from the EU were USD 8,163.40 million, decreasing by 0.92%.
Director-General of the Department of Trade Negotiations, Chotima Iamsawatikul, revealed the results of the third round of negotiations for the Thailand-European Union (EU) Free Trade Agreement (FTA).
This round included meetings at the chief negotiator level and sub-group meetings of experts across all 20 groups.
The negotiations are generally positive, with progress made in all sub-groups due to thorough preparation by both parties. Each group has established specific steps, including exchanging information and opinions, as well as conducting discussions between rounds to maximize progress for the next negotiation round.
In November, Thailand will host the fourth round of negotiations in Bangkok.
The department intends to invite stakeholders to participate in the meetings to stay updated on the progress and engage in detailed discussions about the ongoing negotiations.
In addition, the Ministry of Commerce has emphasized negotiations on the FTA with the EU as a top priority policy of the government. This initiative will improve Thailand’s trade opportunities in the large and high-purchasing European market and attract investments from the EU and other countries looking to capitalize on European exports. Both private sectors from Thailand and the EU have been actively observing and pushing for these negotiations.
However, new issues remain regarding state procurement, state-owned enterprises, competition, sustainable development, energy, and raw materials. Thai negotiation teams from various agencies are prepared to move forward in order to find balanced and beneficial conclusions for the Thai economy.
In 2023, the EU ranked as Thailand’s fifth largest trading partner, following ASEAN, China, the United States, and Japan. The trade between Thailand and the EU reached a total of USD 41,582.24 million, indicating a 1.43% increase compared to the previous year.
Thai exports to the EU amounted to USD 21,838.37 million, showing a decrease of 4.21%, while imports from the EU were worth USD 19,743.87 million, representing an increase of 8.50%.
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