(CTN News) – The Thai government intends to start discussions for a free trade agreement (FTA) with the Eurasian Economic Union (EAEU), which comprises Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan, according to Minister of Commerce Phumtham Wechayachai.
Important Points
This comes after talks to improve bilateral commerce, investment, and tourism with Kazakhstan’s ambassador to Thailand, Arman Issetov. An agreement to create a Joint Commission on Trade and Business Cooperation between Thailand and Kazakhstan was reached during the negotiations, indicating a desire to strengthen business relations.
Thailand is eager to use the FTA to investigate prospects for exporting animal feed and agricultural goods to Kazakhstan due to the country’s cheap pricing and rising demand in these areas.
Thailand is set to Initiate FTA Talks with Russia and EAEU
In addition, it is expected that the recent deal exempting both nations from visa requirements would strengthen their business and investment ties. In keeping with continuing efforts to fortify bilateral economic ties, Minister Phumtham is slated to visit Kazakhstan from August 13–18 to sign a memorandum of understanding on economic cooperation and interact with corporate leaders in the transportation and logistics sectors.
The entire value of bilateral commerce between Kazakhstan and Thailand in 2023 was $172 million. Cars and rubber items made up the majority of Thailand’s 76 million dollar exports, while Kazakhstan’s 96 million dollar imports were mostly made up of mineral products and crude petroleum.
These numbers highlight the substantial economic interactions that have already occurred and that the FTA and future agreements seek to deepen.
Source: Thailand-business-news
