FTA with EU likely to increase Thailand’s GDP by 1.7 percent
A free trade agreement (FTA) with the European Union (EU) would boost Thailand’s exports and gross domestic product (GDP), according to a study conducted by the Institute of Future Studies for Development (IFD).
Bangkok (VNA) - A free trade agreement (FTA) with the European Union (EU)would boost Thailand’s exports and gross domestic product (GDP), according to astudy conducted by the Institute of Future Studies for Development (IFD).
According to the study,which was announced on October 22, the EU-Thailand FTA is estimated to increasethe Southeast Asian country’s GDP by 1.7 percent or 250 billion baht a year,and exports by 10-14 percent a year.
IFD Director Taweechai Charoensedtasinsaid Thai products expected to reap benefits fromthe pact include automobiles and parts, garments, electronics, chemicals,rubber, plastic, food and processed food products, machinery and parts,construction and leather products.
Meanwhile, Thailand’sproducts likely to be affected by the FTA would be dairy, sugar, tobacco andalcoholic drinks, he said.
The Ministry of Commerce throughthe Trade Negotiations Department has been speeding up studies on theopportunities and challenges in reviving long-delayed trade talks between thetwo sides after the EU stated that the bloc aims to resume FTA negotiationswith Thailand.
Director-Generalof the Trade Negotiations Department Auramon Supthaweethum said the department hasscheduled public hearings nationwide. After public hearings have been held inall regions, the Ministry of Commerce will propose proceeding with talks on atrade pact in December to the cabinet.
Thailand needs to speedup FTA talks with the EU as the bloc has already signed FTAs with Singapore andVietnam, she said.
According to the EuropeanCommission (EC), EU-Thailand trade reached 38 billion EUR (42 billion USD) in2018, of which 22.9 billion EUR was from Thai exports, making the EU the thirdlargest export market of Thailand./.
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The European Union is ready to resume long-delayed free trade agreement (FTA) negotiations with Thailand, EU Ambassador to Thailand Pirkka Tapiola has affirmed.
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(Photo: bangkokpost.com) 
