29-9-2023 (BANGKOK) Thailand and the United Arab Emirates (UAE) are making significant progress in their bilateral free trade agreement (FTA) negotiations, with approximately 80% of the discussions now completed.
Commerce Minister Phumtham Wechayachai made this announcement following talks with the UAE’s Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi. During their recent discussions, agreements were reached in various sectors, including food, air conditioners, auto parts, and specific agricultural products.
Mr. Phumtham stated, “The negotiations are about 80% complete, and our goal is to finalize the talks by the end of this year.”
Thailand recently hosted the fourth round of negotiations for the Thai-UAE FTA from September 26 to 28. The government is eager to expedite these negotiations to further promote international trade cooperation.
Auramon Supthaweethum, the Director-General of the Department of Trade Negotiations, previously explained that this round involved trade negotiation committee meetings and subcommittees focusing on five key areas: trade in goods, trade remedies, legal and institutional matters, rules of origin, and trade in services and digital trade.
Several panels have already reached preliminary conclusions on various matters, including customs procedures and trade facilitation, economic cooperation for micro-, small, and medium-sized enterprises, intellectual property rights, investment, technical trade barriers, and sanitary and phytosanitary measures.
A study has estimated that a Thai-UAE FTA could have a positive impact on Thailand’s economy, potentially increasing the country’s GDP by US$318-357 million (11.1-12.4 billion baht) and exports by $190-243 million (6.65-8.5 billion baht). The sectors expected to benefit the most from this agreement include food, textiles and apparel, products made from animal hides, wood, rubber, chemicals, electrical and electronic appliances, as well as automobiles and auto parts.
