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Thailand Set to Initiate FTA Talks with Russia and EAEU
Thai government plans to initiate negotiations for a free trade agreement (FTA) with the Eurasian Economic Union (EAEU), which includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan.
Minister of Commerce Phumtham Wechayachai has confirmed that the Thai government plans to initiate negotiations for a free trade agreement (FTA) with the Eurasian Economic Union (EAEU), which includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan.
Key Points
This development follows discussions with Kazakhstan’s Ambassador to Thailand, Arman Issetov, aimed at enhancing bilateral trade, investment, and tourism. The talks led to an agreement to establish a Joint Commission on Trade and Economic Cooperation between Thailand and Kazakhstan, signaling a commitment to deepen economic ties.
Thailand is keen on leveraging the FTA to explore opportunities to export agricultural products and animal feed to Kazakhstan, given the growing demand and Thailand’s competitive pricing in these sectors. Furthermore, a recent visa exemption agreement between the two countries is anticipated to bolster economic and investment relations. Minister Phumtham is scheduled to visit Kazakhstan from August 13-18 to sign a memorandum of understanding on economic cooperation and engage with business leaders in the transport and logistics sectors, indicating ongoing efforts to strengthen bilateral economic partnerships.
In 2023, the total bilateral trade between Thailand and Kazakhstan amounted to 172 million dollars. Thailand exported goods valued at 76 million dollars, including cars and rubber products, while imports from Kazakhstan primarily consisted of crude petroleum and mineral products, totaling 96 million dollars. These figures underscore the significant economic exchanges already in place, which the FTA and subsequent agreements aim to expand further.
Minister of Commerce Phumtham Wechayachai has confirmed that the government is expected to begin negotiations for a free trade agreement (FTA) with the Eurasian Economic Union (EAEU). The development follows discussions with Kazakhstan’s Ambassador to Thailand, Arman Issetov, focusing on boosting bilateral trade, investment, and tourism.The talks also led to an agreement to establish a Joint Commission on Trade and Economic Cooperation between Thailand and Kazakhstan. The EAEU, consisting of Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan, represents a major economic bloc with nearly 200 million people and a combined GDP of 5 trillion US dollars. In addition to the FTA discussions, Thailand is exploring opportunities to export agricultural products and animal feed to Kazakhstan, taking advantage of the growing demand and Thailand’s competitive pricing in these sectors.
The recent visa exemption agreement between the two countries is expected to enhance economic and investment ties further. Minister Phumtham is scheduled to visit Kazakhstan from August 13-18 to sign a memorandum of understanding on economic cooperation and to meet with business leaders in the transport and logistics sector.In 2023, bilateral trade between Thailand and Kazakhstan totaled 172 million dollars, with Thailand exporting 76 dollars million worth of goods, including cars and rubber products, and importing 96 million dollars, primarily in crude petroleum and mineral products.
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