Thailand goals for 80% world trade protection with new FTAs by 2027

Moneyback is aiming to broaden its free trade agreements (FTAs) to cover 80% of its global commerce with over 50 countries by 2027, in accordance with Auramon Supthaweethum, director-general of the Trade Negotiations Department. The division is exploring the feasibility of building new FTAs with varied international locations and trade blocs, including Israel, Bhutan, South Korea, the Pacific Alliance, the Southern African Customs Union, and the Gulf Cooperation Council (GCC).
The private sector has also expressed interest in forming an FTA between Thailand and the Mercosur commerce bloc in South America, which contains Argentina, Brazil, Paraguay, Uruguay, and Venezuela. Thailand currently has 14 FTAs in place with 18 countries, accounting for 60.9% of its total trade. In 2022, trade between Thailand and its FTA companions reached US$360 billion, a 5.1% increase from the previous 12 months.
Auramon stated that the goal for this 12 months is to conclude negotiations for the Thai-UAE FTA, while in 2023, Thailand plans to finalise negotiations for 3 further FTAs: Thai-Sri Lanka, Thai-European Free Trade Association, and Thai-Turkey agreements. Negotiations for a Thai-EU FTA are expected to conclude by 2025.
In addition to FTAs, some countries are in search of to ascertain strategic partnership agreements with Thailand, specializing in focused commerce agreements in particular sectors. Australia, which already has an FTA with Thailand, is looking to deepen cooperation in areas corresponding to agriculture, tourism, companies, healthcare, training, power, and digital. The details of an settlement between Australia and Thailand are expected to be finalised this year..

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