Thailand will sign a new free trade agreement (FTA) with the European Free Trade Association (EFTA) at the upcoming World Economic Forum (WEF) in Davos, Switzerland, on January 23.
This will be the first such agreement between Thailand and European nations.
Poonpong Naiyanapaporn, director of the Trade Policy and Strategy Office under the Commerce Ministry, told reporters this week that the new FTA is the country’s 16th FTA, covering 23 trading partners.
He said that, based on the new FTA, Thai firms will be able to directly expand their exports to Europe, boosting both their revenues and those of local producers and the state.
EFTA member countries include Switzerland, Norway, Iceland, and Liechtenstein, where two-way collective trade with Thailand reached over US$11.47 billion during the first 11 months of 2024, reflecting a nearly 25% year-on-year growth.
Thai exports to EFTA countries during the January-November 2024 period totaled about 4.12 billion US dollars, with major shipments including gems and jewelry, watches and clocks, steel products, canned and processed foods, and travel sets.
According to the TPSO chief, the comprehensive Thailand-EFTA FTA also supports the Thai government’s sustainable development policy, as it paves the way for future negotiations and an eventual FTA with the larger European Union (EU).
The senior official noted that the new FTA will further enhance Thailand’s global trade, which totaled over 507 billion US dollars during the first 10 months of 2024.
