Plans to establish a revolving FTA fund to help sectors harmed by free trade agreements are expected to conclude by early 2020.
According to Auramon Supthaweethum, director-general of the Trade Negotiations Department, a working committee chaired by the commerce permanent secretary has been formed and is set to hold a meeting on Dec 20 to discuss details of the FTA fund's formation.
"The fund also needs a specific law for support, and more study is needed for where money will be provided," she said. "Such details are likely to be concluded early next year."
In the past, Thailand had a similar financial scheme handled by the Foreign Trade Department to help Thai businesses harmed by trade pacts, but the fund was depleted over the last few years.
The Trade Negotiations Department already held public hearings about the formation of a revolving fund to aid sectors hit by prospective FTAs such as the RCEP, the CPTPP, the Thailand-EU FTA and a potential Thailand-UK FTA.
In a related development, Deputy Commerce Minister Weerasak Wangsuphakijkosol said yesterday that he assigned the Trade Negotiations Department to speed up trade talks with potential partners.
The department has been instructed to disseminate information and provide knowledge to farmers, cooperatives, community enterprises and small businesses about the benefits of FTAs.
"FTAs will offer a good opportunity for Thai farmers to increase farm exports to the world market," Mr Weerasak said.
In the first 10 months of this year, Thailand's international trade with 17 trading partners with which the country has FTAs amounted to US$241.78 billion, with exports worth $118.42 billion and imports worth $123.36 billion.
The trading partners generating the highest trade value to Thailand were Asean ($90.73 billion), China ($65.15 billion), Japan ($47.73 billion, Australia ($12.22 billion) and South Korea ($11.29 billion).