 are on the verge of sealing a comprehensive free trade agreement (FTA).){kind=link}
Thailand and the United Arab Emirates (UAE) are on the verge of sealing a comprehensive free trade agreement (FTA), with an impressive 80% of negotiations already wrapped up, according to a statement from the Commerce Ministry. The two nations are expected to formally ink the FTA by the close of this year.
The fourth round of discussions for the Thai-UAE FTA took place in Bangkok from September 26 to 28, 2023, during which Commerce Minister Phumtham Wechayachai engaged in critical deliberations with UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi. The outcome of these talks has resulted in substantial agreements spanning various sectors, including food, agricultural products, air conditioning, and automobile components. Minister Phumtham Wechayachai underlined that negotiations stand at an advanced stage, with both parties aiming to wrap them up before 2023 comes to a close.
Auramon Supthaweethum, the Director-General of the Department of Trade Negotiations, unveiled the key focal points of the fourth round, which encompassed five major areas: trade in goods, trade remedies, legal and institutional matters, rules of origin, as well as trade in services and digital trade. Some preliminary resolutions were achieved in specific panel discussions, including those pertaining to customs procedures, intellectual property rights, investments, and other pertinent domains.
Should the Thai-UAE FTA reach its culmination, it holds the potential to significantly bolster Thailand’s economic fortunes. Projections suggest that the FTA could augment Thailand’s GDP by a substantial margin, ranging between 318 and 357 million US dollars. Additionally, it is anticipated to fuel an upswing in exports, potentially boosting them by anywhere from 190 to 243 million dollars.