Thailand to boost growth with new European trade deals
The Commerce Ministry is gearing up to enhance Thailand’s economic landscape by actively pursuing more free trade agreements (FTAs) next year, aiming for a 3% economic growth rate. This strategic move was detailed by Commerce Minister Pichai Naripthaphan following a crucial meeting with ministry officials and Federation of Thai Industries (FTI) executives, including FTI chairman Kriengkrai Thiennukul.
Prime Minister Paetongtarn Shinawatra has emphasised the importance of the private sector as a cornerstone for sustainable economic growth, prompting the government to seek stronger collaboration with industry leaders. The Commerce Ministry vows to continue its collaboration with the private sector to ensure swift and sustainable economic development.
Thailand is on the brink of concluding negotiations for a European Free Trade Agreement, which will open doors to markets in Switzerland, Norway, Iceland, and Liechtenstein. This agreement marks Thailand’s inaugural FTA with Europe, with more to follow, enhancing the nation’s competitiveness and attracting foreign investments.
“This will be Thailand’s first FTA with Europe, and other FTAs will follow to boost competitiveness and attract foreign investment,” the minister stated.
Looking forward, the Commerce Ministry is set to support the FTI EXPO 2025, an annual event by the FTI. This year’s expo, themed Empowering Thai Industry, Elevating Thailand’s Future, is scheduled from February 12 to 15 at the Queen Sirikit National Convention Centre.
Export figures for the first eleven months of 2024 show a notable 5.1% growth, reaching US$275.76 billion (9.69 trillion baht), with expectations of surpassing 10 trillion baht by year’s end, setting a new record.
Despite global economic uncertainties, the ministry targets a 2 to 3% growth rate for 2025, banking on robust cooperation between the government and the private sector to meet this goal, reported Bangkok Post.
Kriengkrai commended the ministry’s efforts, affirming the FTI’s commitment to helping businesses maximise the benefits of FTAs.
