The Commerce Ministry has pledged to pursue more free trade agreements (FTAs) next year in an effort to boost the country's economic growth rate to 3%, according to Commerce Minister Pichai Naripthaphan.
Following a meeting between ministry officials and executives of the Federation of Thai Industries (FTI) that was also attended by FTI chairman Kriengkrai Thiennukul, Mr Pichai said that Prime Minister Paetongtarn Shinawatra wants the private sector to be the key driver of sustainable economic growth, so she instructed the government to foster closer cooperation with the sector.
He said that the Commerce Ministry will continue to dedicate its efforts to collaborating with the private sector to ensure rapid economic growth.
The minister said the country would soon wrap up negotiations for a European Free Trade Agreement, which would give Thailand more access to markets in Switzerland, Norway, Iceland, and Liechtenstein.
"This will be Thailand's first FTA with Europe, and other FTAs will follow to boost competitiveness and attract foreign investment, he said.
The Commerce Ministry will also support the "FTI EXPO 2025," an annual event organised by the FTI, he said. This year's event will be held with the theme "Empowering Thai Industry, Elevating Thailand's Future" from Feb 12-15 at the Queen Sirikit National Convention Center.
The ministry said the country's exports grew by 5.1% in the first 11 months of 2024, totalling US$275.76 billion (9.69 trillion baht).
The number was projected to surpass 10 trillion baht by year-end, the highest on record.
The ministry aims for a growth rate of 2-3% in 2025 despite global risks, leveraging strong government-private sector cooperation to achieve this target.
Meanwhile, Mr Kriengkrai praised the ministry's efforts, saying the FTI will continue to support businesses in making the most of the FTAs.