Identifying the key to reducing risks, Thailand aims to expand new FTAs in 2024

Promoting FTA negotiations is one of the focuses of the Thai government in the coming time.

Thái Lan đặt mục tiêu mở rộng các FTA mới trong năm 2024

Negotiations and signing of Thailand's FTAs have been stalled in recent times. (Source: The Nation)

Thai Deputy Minister of Commerce Napintorn Srisunpang recently said that the Ministry is promoting negotiations to sign more new free trade agreements (FTAs) by 2024.

According to Mr. Napintorn, the Thai Ministry of Commerce will speed up the completion of an agreement and aim to sign two more agreements before 2025, including the FTA signed with South Korea and the FTA with Bhutan.

In 2023, the Thai Ministry of Commerce will mainly focus on promoting exports, curbing inflation and managing prices. The Deputy Minister of Commerce said that the stalled negotiations and signing of FTAs was also due to the impact of the general election taking place in May 2023 and the slow formation of a new government.

In the short three months since the new government took office in September 2023, Commerce Minister Phumtham Wechayachai has announced policies aimed at reducing the cost of living and boosting ties with trade partners, especially China. However, the highlight has been the adjustment of sugar prices.

The ministry's goal in 2024 is to stabilize commodity prices throughout the year, aiming to reduce the overall cost of living by about 30 billion baht ($850 million), while creating additional wealth for the economy worth about 150 billion baht ($4.3 billion).

At the same time, the Ministry of Trade strives to achieve the target of increasing export value by 2%, ensuring reasonable prices for consumers and producers remains the key tasks.

Given the importance of exports in driving the Thai economy, efforts to work with the private sector to boost exports and reduce trade barriers are crucial, said Mr. Napintorn. One of the key tools, given the many external risks, is negotiating FTAs.

This is considered a key policy of the government led by Prime Minister Srettha Thavisin. Mr. Srettha has repeatedly pointed out that Thailand’s limited participation in FTA negotiations has left the country significantly behind its competitors. Therefore, this issue will be one of the government’s main focuses in its relations with other countries.

Currently, Thailand has signed 14 bilateral and multilateral FTAs with 18 countries and territories, including 9 countries in ASEAN, China, Japan, Korea, Australia, New Zealand, India, Peru, Chile and Hong Kong (China).

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