Thailand seeks free trade agreement with Gulf nations to boost investment
Thailand’s government spokesperson, Chai Wacharonke, declared the country’s intention to establish a free trade agreement with the Gulf Cooperation Council (GCC) member nations, aiming to enhance trade and investment relations. Prime Minister Srettha Thavisin recently concluded his visit to Saudi Arabia, where he participated in the ASEAN-GCC Riyadh Summit at the Ritz-Carlton.
During the visit, the 61 year old prime minister engaged in bilateral discussions with the Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud, where both leaders articulated their commitment to bolster the Thai-Saudi trading and investment relationship. PM Srettha expressed his appreciation towards the Crown Prince for his efforts in rejuvenating the diplomatic ties between the two nations following a past fallout.
The past two years have witnessed extensive collaboration between the two countries, particularly in the realm of trade and investment, to improve diplomatic relations. As a part of this endeavour, the Thai PM proposed the creation of a Thai-GCC Free Trade Area. Chai added that the Thai government would extend its support for Saudi Arabia’s plans to host the Riyadh Expo 2030 and the 2034 World Cup, reported Bangkok Post.
Chai revealed that the leaders had also discussed potential future cooperation in multiple areas, including politics, investment, security, culture, and trade. Thailand had previously shown its willingness to host the inaugural Saudi-Thai Coordination Council in Bangkok, a significant mechanism to further propel Saudi-Thai cooperation, Chai added.
Further, PM Srettha expressed his gratitude to the Saudi government for taking care of more than six thousand Thai labourers residing in the country. He also interacted with representatives from the Saudi Arabian Oil Company (Saudi Aramco), the country’s Governor of the Public Investment Fund (PIF), and the Saudi Arabia Basic Industries Corporation (Sabic) to explore energy investment opportunities.
Both Sabic and Saudi Aramco expressed their interest in investing in Thailand’s energy market. Last year, Saudi Aramco signed a memorandum of understanding with Thailand’s PTT for energy industry cooperation, with the hope that these discussions would lead to an elevation in cooperation.
