Commerce Minister Jurin Laksanawisit will lead Thailand's trade negotiating team to Brussels on Wednesday to rev up negotiations on a free-trade agreement (FTA) with the EU, with the joint political will likely to be agreed upon and announced during the two-day official visit.
Mr Jurin said a Thai–EU FTA is one of the most important free-trade deals that the private sector has wanted for a long time, but it is still far from being achieved.
"The Thai-EU FTA, once implemented, will definitely increase trade volumes between Thailand and the EU and expand trade opportunities and Thai export products," he said.
The EU, comprising 27 member states, is Thailand's fifth-largest trading partner after Asean, China, the US, and Japan.
FTA negotiations with the EU were put on hold after the 2014 coup as the EU protested against what it deemed to be the suspension of democracy.
In 2022, trade volumes between Thailand and the EU tallied US$41 billion, accounting for 6.95% of Thailand's total trade.
Thai exports to the EU totalled $17.7 billion last year. Key export products included computers, computer equipment and components, gems and jewellery, air-conditioners and components, rubber products, and electronic circuit boards.
Meanwhile, imports from the EU reached $18.2 billion, with important products including machinery and components, pharmaceutical and pharmaceutical products, chemicals, electrical machinery, components and tools and equipment related to science and medicine.
"Currently, we see it as proper to start the official negotiations on the Thai-EU FTA," said Mr Jurin, adding that he is scheduled to meet Valdis Dombrovskis, the European Commissioner and executive vice-president of the European Commission for an Economy that Works for People, in Brussels on Jan 25-26 to express Thailand's political intentions regarding the FTA talks.
Mr Jurin said he would act as Thailand's representative to notify the EU of Thailand's readiness to pursue an FTA.
If the EU agrees, both countries will be able to resume their respective negotiating procedures, he said.
Thailand currently has 14 FTAs in place with 18 countries, including the Regional Comprehensive Economic Partnership (RCEP), which took effect at the start of last year.
On Dec 15 last year, Thailand and the EU signed the Thai-EU Partnership and Cooperation Agreement (PCA) to boost bilateral cooperation.
The pact focuses on enhancing political dialogue on issues of global concern, and gives more scope for cooperation in a wide number of policy areas, including the environment, energy, climate change, transport, science and technology, trade, employment and social affairs, human rights, education, agriculture, non-proliferation, counter-terrorism, the fight against corruption and organised crime, migration, and culture.
The agreement would also make the Thai economy more competitive as it responds to global development trends. It is intended to serve as a foundation for negotiations to establish an FTA between Thailand and the EU, as well as a knowledge-sharing platform for projects like the universal healthcare scheme.