The Asean Economic Ministers' (AEM) Retreat is expected to see the signing of two vital agreements: the Asean Trade in Services Agreement (Atisa) and the fourth protocol to amend the Asean Comprehensive Investment Agreement (Acia).
Auramon Supthaweethum, director-general of the Trade Negotiations Department, said the AEM Retreat is scheduled for Phuket province April 22-23. Asean members finalised talks on the two pacts late last year.
Atisa is meant to deepen the integration of the Asean services markets and introduce commitments related to services trade, creating a liberalised, stable and predictable environment for service suppliers in the region.
Atisa replaces the current services agreement that was introduced in 1995, and it is expected to reduce trade obstacles. The pact should enhance Thai services growth in Asean, including in healthcare, tourism, hotels, restaurants, construction, and convention and exhibition services.
A comprehensive investment agreement was also hammered out at the summit to provide better investor protection.
The fourth protocol to amend Acia aims to help Asean remain a competitive investment destination by improving liberalisation and transparency in the investment regime of each member state.
Acia was signed in 2009 and was enforced from March 29, 2012.
Acia covers most forms of investment, with liberalisation provisions for key sectors: manufacturing, agriculture, fisheries, mining and quarrying, as well as services related to these sectors.
The agreement protects investors by levelling the playing field and compensating those who become negatively affected if a country modifies its commitments.
Acia covers not just Asean investors, but also investors based in Asean countries, helping to make the region more attractive to foreign investments.
Mrs Auramon said that as chair of Asean this year Thailand will focus on three major areas covering 13 key economic issues as top priorities.
The three areas are future orientation, enhanced connectivity and sustainability.
Thai-Asean trade rose 13% last year to US$114 billion, with exports amounting to $68.4 billion and imports worth $45.5 billion.
Thailand enjoyed a trade surplus worth $22.9 billion with Asean.
Asean accounts for 27% of Thailand's total export market.