FTAAP to Push Trade Value Up By 200%

[snoop1130]

 

BANGKOK (NNT) - The Free Trade Area of the Asia-Pacific (FTAAP) that will be discussed at the 2022 APEC Ministers Responsible for Trade Meeting (MRT) could push the trade value between member economies up by at least 200 percent. The meeting is taking place from today to this Sunday in Bangkok.

 

Deputy Prime Minister and Commerce Minister Jurin Laksanawisit said that the meeting will be attended by members of 21 economic areas. The session forms an integral part of the APEC summit to be held in November.

 

According to Minister Jurin, the meeting agenda will focus on a plan to transition APEC into the Free Trade Area of the Asia-Pacific (FTAAP) by the year 2040.

 

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

 

Jurin said that, if successful, the deal will become the biggest FTA in the world with 2.9 billion people or 38% of the world population taking part and more than 52 trillion US dollars worth of combined products being offered. The deal would push trade value up by 200 to 400 percent.

 

Minister Jurin said the meeting would also adhere to the BCG (Bio-Circular-Green) economic model to help drive forward micro-SMEs. These operators are considered the roots of the Kingdom’s economic development.

 

Thailand will also hold bilateral talks with the US, Russia, Canada, Japan, Hong Kong, and China.

 

-- © Copyright NNT 2022-05-19

 

- Cigna 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.

[IAMHERE]

That high speed train is going to come in handy. Wonder if lower economic Thailand will benefit from this increased trade? I hope so.

[jonclark]

Free Trade eh? I will believe that when it happens - I hope it does and it would be great to get Canadian, Australian, US products (wines, cheeses, steaks etc) in Thailand without the horrendous taxation - I am correct that free trade me no import tariffs. 

 

Even better if the UK manages to wiggle in on the act as well as I understand there has been a push n Westminster to try to do so, 

[rickudon]

A 200% increase in trade sounds wildly optimistic......

[jonclark]

4 hours ago, rickudon said:

A 200% increase in trade sounds wildly optimistic......

Nah..they are just following TATs example.  

 

Reminds me of a sign I saw at a market stall a long time ago on the Khao San road. "Sale...100% off" 

[trainman34014]

5 hours ago, rickudon said:

A 200% increase in trade sounds wildly optimistic......

You know they can't do sums !