The EABC Suggests Thailand Revise its Trade-Related Regulations

[Jacob Maslow]

The European Association for Business proposed revisions to Thailand’s current trade-related relations and suggests resuming the Thailand-EU Free Trade Agreement.

Thailand has been urged to revise its trade-related regulations by the European Association for Business and Commerce (EABC). The association suggests that strong revisions be made to include investments in various industries that will allow the economy to grow and attract investments abroad.

Trade-relations that are internationally accepted would allow Thailand to expand further into European markets. The association also suggests that Thailand should adopt further transparency measures with its customs procedures.

All of the recommendations have been published in the European Business Position Paper.

The EU wants to bolster its cooperation with Thailand authorities and resume negotiations on a Free Trade Agreement. The agreement would allow investors from the EU to expand their business into Thailand and help the export sector. Trade agreement talks will not resume until a democratic government is in place, states the association. Talks were halted last May as a result of the military coup.

Thailand’s economy should shift to innovation and technology so that their products and services can add value to exports and help the country’s GDP, states the EABC. Technical barriers often deny innovation in the country.

Focus on the free trade agreement between Thailand and the EU would benefit both economies. Europe states that increased capital, technology, innovation and expertise can be brought into the country by Europeans. Regulatory standards and procedures can also be improved as a result.

The EU is a very important investment partner for Thailand. Currently, the EU is Thailand’s second-largest foreign investor. Thailand is the third-largest trading partner with the European Union. Further collaboration among the two economies will be mutually beneficial and will help boost Thailand’s economy, states the EABC.

Recent tax reforms by the Thailand government have been put in place to spur further foreign investment. The addition of a free trade agreement would be extremely beneficial.

-- 2015-03-06

[mogo51]

Well perhaps it would but somebody will need to explain to Thai Government what a 'free trade agreement' means ie. you dont get taxed on goods you export to the said countries, NOR do you tax good coming into Thailand from said country - they seem to have problems with the last bit, ie. they want it both ways.

[Srikcir]

Wasted efforts by the EU. Prayut has decided Thailand's trade future is with Russia and China. He wants nothing to do with EU and the USA as they interfer with Thai domestic affairs and do not undertsand why he has had to remove democracy from Thailand.