Bangkok Post – Trade pact with four European countries ready to sign

PM Paetongtarn and commerce minister to attend signing at World Economic Forum meetings

PUBLISHED : 18 Jan 2025 at 20:57

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Commerce Minister Pichai Naripthaphan speaks during the signing ceremony of a memorandum of understanding on tapioca trade operation on Jan 16. (Photo: Ministry of Commerce)

A free trade agreement between Thailand and the four-country European Free Trade Association (Efta) will be signed during the upcoming World Economic Forum in Davos, Switzerland, says Commerce Minister Pichai Naripthaphan.

Mr Pichai said he and senior ministry officials would attend the WEF from Jan 20–24, with the signing taking place on Jan 23.

Prime Minister Paetongtarn Shinawatra will witness the event. The agreement with Efta, which includes Switzerland, Norway, Iceland and Liechtenstein, was approved by the cabinet on Jan 13.

Mr Pichai said authorities expedited negotiations over the past three months. He said the agreement represents a significant achievement for the government in expanding trade and investment.

From January to November 2024, trade between Thailand and Efta reached $11.5 billion, a 25% year-on-year increase, accounting for 2.05% of Thailand’s international trade.

Thai exports to Efta members were valued at $4.12 billion, while imports totalled $7.35 billion. Major Thai exports included jewellery, watches, steel products, canned seafood and travel goods, while key imports from Efta were gemstones, watches, meat products, pharmaceuticals and fertilisers.

In a related development, Deputy Commerce Minister Suchart Chomklin said the Asean-Canada Free Trade Agreement negotiating committee aims to conclude discussions this year.

The committee and sub-committees met in Bangkok from Wednesday to Friday to address key issues.

Mr Suchart affirmed Thailand’s full support for the Asean-Canada FTA, saying its successful conclusion would mark Asean’s first FTA with North America, boost investor confidence and enhance trade and investment opportunities.

From January to November 2024, trade between Thailand and Canada totalled $2.95 billion.

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