Thailand is scheduled to host a second round of talks on a free trade agreement (FTA) with the European Union (EU) at the end of January, with an aim of finalising a pact within two years.
According to Chotima Iemsawasdikul, director-general of the Trade Negotiations Department, the Bangkok round of discussions will cover the liberalisation of trade, investment and services.
Both parties plan to hold three meetings per year, with the goal of finalising negotiations by 2025.
Thailand and the EU held the first round of FTA discussions in September this year in Brussels, Belgium. This round included meetings at the head of the delegation level and 19 expert-level subcommittee meetings.
The 19 subcommittees comprise: trade in goods; rules of origin; customs procedures and trade facilitation; trade remedies; sanitary and phytosanitary measures; technical barriers to trade; trade in services and investment; digital trade; intellectual property; competition and subsidies; government procurement; trade and sustainable development; small and medium-sized enterprises; state-owned enterprises; energy and raw materials; sustainable food systems; transparency and good regulatory practices; dispute settlement; and preliminary provisions, general provisions, final provisions, provisions relating to institutions, and exceptions.
In a related development, Commerce Minister Phumtham Wechayachai, who last week met Bernd Lange, a member of the European Parliament and chair of the Committee on International Trade (INTA), and Heidi Hautala, vice-president of the European Parliament in Bangkok, said he requested during the meeting that INTA support the Thai-EU FTA, facilitating a swift conclusion and enforcement.
Mr Phumtham said discussions also covered other vital trade issues, including global trends emphasising green trade, the environment and sustainability of natural resources.
Addressing climate change issues and promoting sustainable fisheries are shared responsibilities that every country must undertake, he said.
The European Parliament plays a crucial role in approving the Thai-EU FTA, and their members' visits to Thailand and joint discussions with Thai authorities and legal representatives demonstrate the importance the EU ascribes to Thailand as an economic partner, said Mr Phumtham.
The EU is Thailand's fourth-largest trading partner behind China, the US and Japan, respectively.
Two-way trade value between Thailand and the EU during the first 10 months of this year tallied US$35 billion, a rise of 1.96% year-on-year, representing 7.3% of Thailand's total trade value worldwide.
Thailand's exports to the EU were worth $18.2 billion, a decrease of 4.42%, while imports from the EU reached $16.7 billion, representing a 9.94% increase.
Key export products included computers and components, air conditioners and parts, gems and jewellery, electronic circuits and rubber products.
Major import products included machinery and components, medical and pharmaceutical products, chemicals, electrical machinery and components, and scientific and medical instruments.