Thai Commerce Ministry holds ASEAN-Canada FTA public forum

Commerce Ministry holds ASEAN-Canada FTA public forum

BANGKOK (NNT) - The Ministry of Commerce is trying to improve the advantages for Thai exporters on the global stage through Free Trade Agreements (FTAs) between ASEAN and other countries around the world. The Ministry has held a seminar on the ASEAN-Canada FTA, which promises better access to a high-potential market with a population of 36 million.

The Ministry of Commerce has held a seminar on the ASEAN-Canada FTA, enabling all stakeholders to know about the opportunities and challenges found from a study into this FTA.

The study finds that the ASEAN-Canada FTA will help expand Thailand’s economy by 1.97 percent, and will help ASEAN-Canada trade value to expand to 40 billion U.S. dollars in 7 years, from the current figure of about 20 billion.

The Department of Trade Negotiations Deputy Director General Duangarthit Nidhi-u-tai stressed that Canada is considered a high-potential market for Thailand and ASEAN, from its 36 million population, 8 million of which are Asian, and the country’s open and diverse society.

Canada is currently the 9th biggest trade partner with ASEAN, while Thailand is the second biggest ASEAN trade partner for Canada, with 2.5 billion U.S. dollars of trade value. Thai exports already popular in Canada include canned tuna, computer and parts and rice, which could have better market opportunities with an FTA.

It is expected all studies on this ASEAN-Canada FTA deal will be presented at the ASEAN-Canada Economic Ministers Meeting in August next year for further evaluation.