Thailand is expected to finalise free trade agreements (FTAs) with the European Free Trade Association (EFTA), Sri Lanka and the United Arab Emirates (UAE) in the second and third quarters of next year, which will increase trade volume between Thailand and the three export markets by about US$31 billion, or one trillion baht, annually.

 

Auramon Supthaweethum, director-general of the Department of Trade Negotiations, said that, after four rounds of negotiations, she expects the FTA between Thailand and the UAE to be the first to be concluded, possibly before the end of this year.

 

She said that the UAE enjoys high purchasing power from its citizens, foreign workers and tourists. As such it is an ideal logistical hub for the distribution of Thai products to other markets in the Middle East.

 

Full story: Thai PBS 2023-10-02

 

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I'm not sure the Thai negotiators know this but generally free trade agreements are free trade both ways, meaning that Thailand would have to drop its major source of revenue after VAT ie import duties. On the upside prices, of luxury cars like Mercs, BMW, Fiat (just joking), Porsche Ferrari etc will plummet causing waling and gnashing of teeth from thsioe pointers who have just bought one. The other thing is that whilst a free trade deal with UAE and Sri Lanka can be closed pretty quickly, the EU have never made an agreement that hasn't lasted a decade or more. 

 

I have just re-read the headline that is misleading mentioning the EU, when in fact it has nothing to do with the EU at all. They are talking about the old, and I thought extinct, EFTA (European Free Trade Association). I wonder if nation of consequence is in it. 

Just think of all those free lunches and free holidays

Free trade agreements with Thailand are a joke...

cut the import luxury taxes.

Big difference between Thailand idea of a free trade agreement and outer countries I am afraid. Thime will tell I suppose.