Thai-European free trade agreement brings much-needed boost to the economy

The Thai Chamber of Commerce (TCC) believes the recently concluded Free Trade Agreement (FTA) between Thailand and EFTA will be a major economic driver for Thailand.

Thailand’s Ministry of Trade announced last week that the EFTA (European Free Trade Association) Secretariat had officially declared the agreement finalized after two years of talks. The signing of the free trade agreement is expected to take place in January.

The ministry said negotiations on 15 key issues, including trade in goods, rules of origin, trade facilitation, hygiene regulations, intellectual property and sustainable development practices, were agreed by the heads of delegations of member countries Switzerland, Norway, Iceland and Liechtenstein.

“The Thai Chamber of Commerce and the Board of Trade of Thailand firmly believe that the free trade agreement with EFTA will be another important step towards strengthening the Thai economy while enhancing the country’s global competitiveness and performance,” said TCC Chairman Sanan Angubolkul said on Monday.

He said the trade agreement with EFTA would promote international trade and investment in a sustainable manner and create new opportunities for Thai entrepreneurs.

Sanan also believed that this historic agreement would help spur the conclusion of a free trade agreement between Thailand and the European Union in 2025 or 2026.