Australia - Thailand Free Trade Deal Revealed

Australia and Thailand release details of free trade deal

SYDNEY: -- Australia and Thailand have released details of a bilateral Free Trade Agreement (FTA), which is expected to take effect early next year, according to the Australian Broadcasting Corporation (ABC).

Research conducted by the Australian Government found the FTA with Thailand would bring benefits of about 2.4 billion USD to Australia in the next two decades.

Australian Trade Minister Mark Vaile said the prominent point of the FTA was the slash of tariff barriers and quota licences of Thailand. He added Australia's export turnover to Thailand, currently recorded at 700 million AUD a year, would rise once the tariffs are cut.

The pact will also bring new advantages for Australia in Asian markets, Vaile added.

This is the first FTA reached between Thailand and a developed country, and the second one between Australia and an ASEAN member after it signed with Singapore last year.

--VNA 2004-05-13