Commerce Ministry to Propose Trade Agreement With EFTA

[webfact]

 

by Paul Rujopakarn

    

BANGKOK (NNT) - The Ministry of Commerce is planning to propose to the Cabinet negotiation details for a Free Trade Agreement (FTA) with the European Free Trade Association (EFTA). It will also recommend adjustments to existing free trade deals with ASEAN member nations, China, India, South Korea and Australia-New Zealand.

 

Auramon Supthaweethum, director-general of the Department of Trade Negotiations (DTN), said the proposals were recently submitted to Deputy Prime Minister and Commerce Minister Jurin Laksanavisit.

 

They will be vetted by an international economic policy committee chaired by Deputy Prime Minister and Foreign Affairs Minister Don Pramudwinai, before being presented to the Cabinet within this month.

The EFTA consists of Iceland, Liechtenstein, Norway and Switzerland.

 

The four states are competitive in several sectors vital to the global economy and score among the highest in the world in competitiveness, wealth creation per inhabitant, life expectancy and quality of life.

 

Keep up to date with all things Thailand - Join our daily ASEAN NOW Thailand Newsletter - Click to subscribe

 

According to the DTN, draft negotiations with the EFTA have already been discussed with related sides, including government units, the private sector, the agricultural sector, civil society and academics.

 

If approved, the DTN will inform the EFTA and schedule dates for negotiations. The deal is expected to create new opportunities for Thai products and services to compete in EFTA markets while also attracting investors to Thailand.

 

Total trade between Thailand and EFTA member states over the past five years was valued at US$10 billion. During this period, Thai exports and imports were valued at $4.5 billion and $5.5 billion, respectively.

 

Popular export items include gems and jewelry, clocks and parts, automobiles and auto parts, machinery, and cosmetics.

 

 

-- © Copyright NNT 2022-04-11

 

- Aetna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

- Follow ASEAN NOW on LINE for breaking COVID-19 updates

[hotchilli]

4 hours ago, webfact said:

The Ministry of Commerce is planning to propose to the Cabinet negotiation details for a Free Trade Agreement (FTA) with the European Free Trade Association (EFTA). It will also recommend adjustments to existing free trade deals with ASEAN member nations, China, India, South Korea and Australia-New Zealand.

Free trade agreement is a joke in Thailand.

It means we get to export everything we want with reduced tariffs and block anything we can coming in or put a luxury tax on it.

 

[Srikcir]

The current Thai regime has violated FTA's with The Philippines, Australia and most likely with Singapore. The current Thailand regime has refused to recognize adverse rulings by the WTO. 

EFTA in the formulation of any FTA with the current Thai regime must require severe defaut sanctions against Thailand should it violate any FTA with EFTA. In addition the EFTA should not allow any disputes be elevated to Thai Courts.