List of agreements between two states, two blocs or one bloc and one state. The EABC has prepared for the resumption of engagement and will support all initiatives to strengthen trade and investment cooperation between the EU and Thailand. Overall, negotiations on a free trade agreement will aim to promote trade in the interests of the EU and Thailand. If Thailand can find a balance that provides strong intellectual property protection for its European investors, which in turn would encourage the improvement of medicines, there should be no reason why Thailand cannot maintain good access to medicines for its citizens. In 2020, total bilateral trade amounted to €29.1 billion ($34.5 billion), with the EU importing products from Thailand worth €17.7 billion ($21 billion) and exporting €11.4 billion ($13.5 billion). This equates to a 10% drop in imports and a 15.8% drop in exports, as the COVID-19 pandemic has disrupted the global economy. 2014, the Thai military takes control The collapse of the government by the coup and the suspension of the constitution disrupted relations with the EU and suspended trade negotiations. Describes the trade agreements in which this country is involved. Provides resources for U.S. companies to obtain information on the use of these agreements. BANGKOK (Reuters) – The European Union wants to resume negotiations with Thailand on a free trade agreement (FTA), the Council of the European Union said in a statement after suspending trade talks after a military coup in 2014.
This is a list of free trade agreements between two parties, where each party could be a country (or other customs territory), a trading bloc or an informal group of countries. The military directly led the Thai government until March 2019, when a coalition of pro-military parties formed the government after elections. The EU considered that this development was sufficient to resume trade negotiations and reach an agreement on the resumption of negotiations in June 2021. Thailand and the European Union (EU) have agreed to resume negotiations on a free trade agreement seven years after negotiations failed in 2014 following thailand`s military coup. Many EU companies support their production in Southeast Asia because of their location in the region and their status as ASEAN`s second largest economy after Indonesia in Thailand. The creation of a free trade agreement would ease trade and investment barriers for EU businesses and make Thailand an even more attractive regional base. The EU is Thailand`s fifth-largest trading partner after ASEAN, China, Japan and the United States, which account for about 7.5% of the country`s total trade. On the other hand, Thailand is the EU`s 26th largest trading partner and the 17th largest trading partner for imports. In 2020, the trade value between the two economies stood at $33.1 billion (1.03 trillion baht), or 7.56 percent of Thailand`s global trade. Thailand has implemented bilateral trade agreements with various countries, including Australia, Chile, China, Laos, New Zealand, Japan, Peru and India.
The Eurasian Economic Union composed of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan has the following free trade agreements, see below here. What problem do you need to solve? The EU and Thailand need to resolve many issues to reach an agreement. An interactive list of bilateral and multilateral free trade instruments is available on the TREND-Analytics website. [59] Thailand`s other free trade agreements still under discussion include: EFTA[17] has concluded bilateral agreements with the following countries and blocs – including dependent territories – : trade negotiations are to take place in 2022, with a common understanding document serving as a framework covering issues such as trade in goods, services and investments. and intellectual property, e-commerce and public procurement. If the two sides reach an agreement, it would be the EU`s third free trade agreement with an ASEAN member state after agreements with Singapore and Vietnam. Free trade agreements will facilitate the EU`s access to trade and investment in Southeast Asia`s second-largest economy, and Thai exporters will benefit from lower tariffs. As the momentum of the free trade agreement recovers, the governments of the EU and Thailand need to resolve some outstanding issues to reach an agreement.
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