Thailand and Bangladesh to advance free trade agreement talks
Bangkok and Dhaka push ahead with FTA negotiations, eyeing formal start this year
Previously, on May 8, Thai Commerce Minister Pichai Naripthaphan met Bangladeshi Ambassador Fayaz Murshid Kazi to discuss advancing free trade agreement (FTA) negotiations between the two nations.
Following a joint declaration of intent, senior officials will engage in online discussions to outline expectations and scope, aiming to formally initiate negotiations this year.
Thailand has expressed its support for Bangladesh, the current chairman of BIMSTEC for 2025 and 2026, to revitalise and expedite FTA discussions within the conference, aligning with the sixth BIMSTEC Leaders’ Declaration and the recently endorsed Bangkok Vision 2030. Pichai highlighted the significance of these efforts.
Furthermore, Thailand has proposed Bangladesh host the sixth Joint Trade Committee (JTC) meeting later this year. This meeting will play a crucial role in shaping trade and investment cooperation, providing a key opportunity to officially announce the Thailand-Bangladesh FTA negotiations.
Bangladesh, with its substantial market potential of over 170 million people, ranks as the world’s eighth-largest population. It exhibits an average annual economic growth rate of 6% and presents a substantial halal market, being the world’s fourth-largest Muslim population.
The country’s reliance on imports offers Thailand significant opportunities for trade and investment expansion.
The two countries also discussed collaboration in international forums such as BIMSTEC and the World Trade Organisation (WTO), as well as logistics cooperation. They emphasised maritime connectivity, linking Thailand’s Ranong Port with Bangladesh’s Chittagong Port through BIMSTEC’s maritime transport agreement to facilitate trade and reduce costs.
Bangladesh ranks as Thailand’s second-largest trading partner in South Asia, following India. In 2024, the total trade value between the two nations was US$1,130.23 million (approximately 40 billion baht). Thailand’s exports to Bangladesh reached US$1,045.46 million, with key items including cement, plastic pellets, fabric, synthetic fibres, and chemicals.
Imports valued at US$84.77 million (around 3 billion baht) primarily consisted of ready-made garments, natural gas, seafood, and medical instruments. Thailand reported a trade surplus of US$960.69 million, reported KhaoSod.
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