The commerce minister expects the sixth round of free trade agreement (FTA) negotiations between Thailand and the European Union (EU), scheduled for later this month in Bangkok, to make encouraging progress.
Commerce Minister Pichai Naripthaphan said the negotiations are reaching a crucial stage, focusing on market access. The sixth round of negotiations are slated for June 23-27.
He said he directed the Department of Trade Negotiations to expedite talks, aiming to conclude the FTA this year in order to expand trade opportunities, attract investment and enhance Thailand's competitiveness in Southeast Asia amid emerging global trade challenges.
Mr Pichai said recent discussions with Maroš Šefčovič, European Commissioner for Trade, reviewed progress and worked to accelerate the negotiations to reach a conclusion by year-end.
Both sides agreed significant progress was accomplished, with four chapters already completed: transparency, good regulatory practices, customs procedures and trade facilitation, and sustainable food systems.
He said this FTA is a priority for the government because the EU is a key trading partner and ally of Thailand.
Mr Pichai said he is confident this agreement will unlock opportunities for trade and investment between the two sides, while mitigating challenges arising from global geopolitical tensions.
The EU ranks as Thailand's fourth-largest trading partner, after China, the US and Japan.
In 2024, total trade between Thailand and the EU amounted to US$43.5 billion, rising 4.26% from 2023. Exports to the EU totalled $24.2 billion, up 10.2% year-on-year, while imports from the EU amounted to $19.3 billion, a 2.16% decline.
For the first four months of this year, bilateral trade totalled $14.3 billion. Exports to the EU were valued at $8.43 billion, while imports tallied $5.91 billion.
Key exports to the EU are computers and components; gems and jewellery; air conditioners and components; rubber products; and automobiles and parts.
Key imports from the EU include machinery and parts; pharmaceutical products; airplanes and aviation equipment; chemicals; and electrical machinery and components.