Thailand, Chile sign FTA
Thailand and Chile on Friday signed a free trade agreement to pave the way to eliminate tariffs on 90% of their products.
- Published: 4/10/2013 at 07:50 PM
- Newspaper section: news
Prime Minister Yingluck Shinawatra and Chilean President Sebastian Pinera observe a guard of honour at Government House on Friday. (Photo by Chanat Katanyu)
Prime Minister Yingluck Shinawatra signed the pact in Bangkok with Chilean President Sebastian Pinera, who will leave for the Asia-Pacific Economic Cooperation summit in Bali on Saturday.
Ms Yingluck said the agreement would expand trade and investment between the two countries whose combined trade was valued at US$980 million (30 billion baht) last year.
Thailand is Chile's largest trading partner in Southeast Asia. Chile ranks fourth for Thai trade with Latin American countries.
Mr Pinera, a billionaire businessman who took office in 2010, said he hoped the agreement would open up more trade opportunities for Chile to other markets in the region.
The pact was initiated 10 years ago and the negotiations began in 2011. Parliament approved it on Wednesday ahead of his visit.
The two countries pledged to bring down tariffs on other products to zero over the next five years.
Kasikorn Research Centre has said the FTA would help Thai producers to enter the Chilean market as well as heighten competitiveness and maintain market share in the South American country.
Thai products likely to benefit from the FTA include automobiles and auto parts, canned seafood, processed food, canned fruit, electrical appliances, rubber and rubber products, plastic resin, cement, gems and jewellery, and apparel.
About the author
- Writer: Patsara Jikkham
- Position: Reporter