The Thai government and Eurasian Economic Commission have pledged to expand trade and investment immediately after the two parties signed yesterday a memorandum of understanding (MoU) in Bangkok.
Under the MoU, a joint working group will be established to create a better understanding between the two sides, leading to a feasibility study on a free trade agreement (FTA) in the future.
Next year, the International Trade Promotion Department is scheduled to coordinate with the Eurasian Economic Union (EAEU) to organise the "Eurasian Economic Union: EAEU-in-Action" seminar. The department is also scheduled to lead Thai businesses on a trade mission to Vladivostok, Russia, with a focus on food, cosmetics, herbs, and construction.
Commerce Minister Sontirat Sontijirawong said the two parties will start with data exchange on trade and investment regulations to build a better understanding between Thailand and the EAEU, which consists of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.
The information exchange also covers intellectual property, trade competition, trade remedies, consumer protection measures, phytosanitary standards, technical trade regulations and investment law.
"The MoU offers an opportunity for Eurasian investors to invest in the Eastern Economic Corridor in Thailand," he said.
Mr Sontirat said EAEU members could use Thailand as a manufacturing base to link through China's Belt and Road initiative with Asian, European and African countries.
The EAEU has a population of more than 180 million. The bloc's GDP in 2017 amounted to US$1.7 trillion (56.1 trillion baht).
EAEU trade volume with non-EAEU countries is more than $500 billion per year.
Last year trade volume between Thailand and EAEU grew 58.9% to $3.32 billion (110 billion baht). Thai exports accounted for $1.09 billion, and imports were $2.19 billion last year. Two-way trade volume was up 26.6% to $2.79 billion this year.