Thailand and UAE launch first free trade agreement

[snoop1130]

Image courtesy of Bangkok Post

 

Thailand and the United Arab Emirates (UAE) revealed the launch of their first free trade agreement (FTA) on Tuesday. The FTA aims to create new opportunities for trade, services, and investment between the two nations, expecting to boost bilateral trade by 10% within the first year of implementation.

 

Commerce Minister Jurin Laksanawisit and the UAE’s Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, announced the agreement after a teleconference. Discussions progressed rapidly between the two nations following Laksanawisit’s official visit to the UAE earlier this year.

 

Negotiations for the Thailand-UAE Comprehensive Economic Partnership Agreement took place over three months, leading to talks scheduled for May 16-18 in Dubai. In this significant meeting, high-ranking government officials participated, led by the director-general of the Department of Trade Negotiations.

 

The department head was appointed to lead the delegation, aiming to finalise the agreement within six months or by the end of this year. According to Laksanawisit, this FTA has the potential to become one of the fastest negotiations in history, taking only nine months to complete. Following the conclusion of talks, both sides will spend another six months for internal procedures and seek cabinet and parliament approval. If parliament approves, the FTA is expected to be enforced by mid-next year.

 

Full Story: https://thethaiger.com/news/business/thailand-and-uae-launch-first-free-trade-agreement

 

-- © Copyright Thaiger 2023-05-10

 

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[keith101]

UAE exports - crude petroleum,refined petroleum,gold,diamonds and broadcasting equipment . Thailand has its own gold so doesn't leave much to trade with .

[KannikaP]

Can restaurant meals be included in this agreement. Just back from Dubai where, what would cost me Bht 600 here was Bht 6000 over there. So expensive.

[Deserted]

That's good news for Thailand.