January 27, 2025
BANGKOK – Commerce Minister Pichai Naripthaphan stated on Sunday that his ministry will strive to finalise a free trade agreement (FTA) with the European Union (EU) within this year.
Pichai said Prime Minister Paetongtarn Shinawatra has directed the Commerce Ministry to accelerate FTA negotiations with the EU following Thailand’s signing of an FTA with the European Free Trade Association (EFTA) on 23 January.
Paetongtarn witnessed the signing of the FTA with EFTA during her attendance at the World Economic Forum (WEF) in Davos, Switzerland.
EFTA promotes free trade and economic cooperation among its member countries, which include Iceland, Liechtenstein, Norway, and Switzerland.
Pichai described the signing of the FTA with EFTA as a significant milestone for Thailand, enabling the country to reach agreements with economically strong nations, some of which are also EU members.
He added that the agreement with EFTA marks an important step towards Thailand’s efforts to secure an FTA with the EU.
However, Pichai noted that reaching an FTA agreement with the EU would be more challenging than with EFTA, as the EU consists of 27 member states.
Nonetheless, Pichai stated that he and the Commerce Ministry’s team would do their utmost to secure an FTA with the EU within this year.
He also revealed plans to travel to Belgium soon to meet Maroš Šefčovič, the EU Commissioner for Trade and Economic Security, to advance FTA negotiations.
Pichai further mentioned that the Commerce Ministry aims to sign several other FTAs this year, including agreements with ASEAN-Canada, the UAE, South Korea, and Bhutan.
If all these agreements are successfully concluded, Thailand will expand its trade partnerships to 53 countries, up from its current 16 FTAs with 23 countries.