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MONDAY, November 28, 2022
Thailand expects free trade agreement with EFTA in 2 years

Thailand expects free trade agreement with EFTA in 2 years

MONDAY, July 04, 2022

The Commerce Ministry expects to reach a free trade agreement (FTA) with the European Free Trade Association (EFTA) members within two years after negotiations were launched last week.

Thailand launched talks with EFTA – Switzerland, Norway, Iceland and Lichtenstein – on June 28-30 in Bangkok and proposed a two-year deadline.

The talks will focus on trade, e-commerce, investment and dispute resolution.

The next EFTA meeting will be held under Swiss chairmanship in Geneva on October 31-November 4.

Trade between Thailand and the EFTA in the first four months of 2022 was worth US$4.436 billion, with Thai exports making up $2.734 billion of that figure. The main Thai exports to EFTA were gems and accessories, watches and parts, and machines and parts.

Meanwhile, Thailand imported $1.702 billion from EFTA over the same period. Key imports were jewellery, gems, silver and gold bullion, watches and parts, and meat for consumption.