Thai-UAE free trade deal is 80% complete, which may improve Thai GDP

(CTN News) – The bilateral free trade agreement (FTA) negotiations between Thai-UAE Thailand and the United Arab Emirates (UAE) are progressing, with discussions allegedly 80% completed.

Phumtham Wechayachai, Thailand’s Commerce Minister, recently met with Thani bin Ahmed Al Zeyoudi, the UAE’s Minister of State for Foreign Trade.

Food, air conditioners, vehicle parts, and certain agricultural items have all entered into agreements. “The negotiations are about 80% complete and our objective is to conclude the talks by the end of this year,” said Phumtham.

Thai-UAE FTA negotiations from September 26 to September 28

Thailand held the fourth round of Thai-UAE FTA negotiations from September 26 to September 28. The government’s goal is to speed up these negotiations to promote international trade cooperation.

Auramon Supthaweethum, Director-General of the Department of Trade Negotiations, indicated that this round included trade negotiation committee meetings and sub-committees focusing on five critical topics.

Trade in goods, trade remedies, legal and institutional issues, laws of origin, trade in services, and digital trade were among the topics covered.

Some panels have reached preliminary conclusions, such as those on customs procedures, trade facilitation, economic cooperation for micro, small, and medium-sized businesses, intellectual property rights, investment, technical trade barriers, and sanitary and phytosanitary measures.

According to one research, the Thai-UAE free trade deal might boost Thai GDP by $318 to $357 million (11.1 to 12.4 billion baht). Furthermore, it has the potential to increase exports by US$190 to 243 million (6.65 to 8.5 billion baht).

Food, textiles, and apparel, products derived from animal hides, wood, rubber, chemicals, electrical and electronic gadgets, and vehicles and auto components are among the industries that stand to benefit, according to the Bangkok Post.

Thailand and the UAE announced the launch of their first free trade deal a few months ago. The fundamental goal of this FTA is to allow increasing commerce, services, and investment between the two countries.

According to projections, bilateral trade will increase by 10% in the first year of implementation.

Related CTN News:

The Raspberry Pi 5 is here, and it Looks Much Better than Before