Commerce Minister Pichai Naripthaphan says significant progress was made during the fifth round of free trade agreement (FTA) negotiations between Thailand and the EU, with a deal expected to be finalised later this year.
The latest round of negotiations were held from March 31 to April 4 in Brussels.
Two additional chapters were agreed in principle: Customs Trade Facilitation (CTF), which aims to modernise customs procedures through enhanced cooperation; and Sustainable Food System (SFS), designed to strengthen and sustain food systems through collaborative efforts.
Negotiations in other areas showed considerable progress, he said.
Both sides discussed market access for goods during this round, with an agreement to exchange initial proposals for market access in services and investment in early June 2025, said Mr Pichai. This marks a critical step in the negotiations, with detailed plans for group discussions to be conducted between rounds.
The sixth round of negotiations is scheduled to take place on June 23-27 in Thailand.
Following the conclusion of the latest round, European Commissioner for Trade Maros Sefcovic expressed a willingness to collaborate with Thailand to expedite the conclusion of the negotiations by Dec 25, Mr Pichai noted.
The agreement is expected to benefit both sides in terms of their economies, trade and investment, said Mr Pichai.
Given the geopolitical landscape and recent US tariff hikes affecting several countries, both Thailand and the EU recognise the importance of reliable and predictable trade partners, he said.
This heightens the urgency of advancing the Thailand-EU FTA negotiations, said Mr Pichai.
The government wants to expedite the conclusion of the FTA to attract investment and expand Thailand's presence in the global market.
In 2024, the EU ranked as Thailand's fourth-largest trading partner, after China, the US and Japan. Total trade between Thailand and the EU amounted to US$43.5 billion, a 4.26% increase from 2023.
The value of Thai exports to the EU tallied $24.2 billion, a 10.2% increase year-on-year, while the value of imports from the EU amounted to $19.3 billion, a 2.16% decrease.
Thailand enjoyed a trade surplus of $4.89 billion with the EU.