Thailand and Saudi Arabia Fortify Trade Relations and Sign Free Trade Agreement with EFTA
Thailand and Saudi Arabia discuss multi-billion dollar cooperation while Thailand signs FTA with the European Free Trade Association.
Thailand and Saudi Arabia have pledged to enhance their trade cooperation, targeting a joint economic output of over US$3.5 billion.
This collaboration will focus on the green economy, agriculture, and service industries, as discussed in the inaugural Saudi–Thai Coordination Council (STCC) meeting.
The council, co-chaired by Thailand's Minister of Foreign Affairs Maris Sangiampongsa and Saudi Foreign Minister Prince Faisal bin Farhan Al Saud, aims to bolster bilateral relations following the restoration of diplomatic ties in 2022.
The STCC, established to promote cooperation in various sectors such as politics, security, economics, and culture, features more than 70 projects across at least 70 sectors.
One of the key economic initiatives includes the approval by Thailand's Central Islamic Committee for Halal certification of Thai chicken exports to Saudi Arabia, a pivotal market with an estimated annual value exceeding 40 million baht.
Additionally, plans are underway to create special economic zones between the two countries to stimulate trade and investment.
Maris reaffirmed Thailand's commitment to these initiatives, highlighting their potential to further solidify Saudi-Thai relations.
In a concurrent development, Thailand is set to sign a Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) during the World Economic Forum in Davos.
Commerce Minister Pichai Naripthaphan announced that the agreement involves EFTA’s member countries: Switzerland, Norway, Iceland, and Liechtenstein.
This FTA is expected to further expand Thailand's trade and investment opportunities.
Trade between Thailand and EFTA reached $11.5 billion in the first eleven months of 2024, showcasing a 25% increase from the previous year.
Major exports from Thailand include jewellery, steel products, and travel goods, while imports consist primarily of pharmaceuticals, meat products, and gemstones.
This agreement is anticipated to enhance Thailand's economic footprint in Europe, aligned with ongoing negotiations for the Asean-Canada Free Trade Agreement, poised to become Asean’s first FTA with North America.
These efforts reflect Thailand's strategy to diversify its international partnerships and stimulate growth through strategic economic agreements.
This collaboration will focus on the green economy, agriculture, and service industries, as discussed in the inaugural Saudi–Thai Coordination Council (STCC) meeting.
The council, co-chaired by Thailand's Minister of Foreign Affairs Maris Sangiampongsa and Saudi Foreign Minister Prince Faisal bin Farhan Al Saud, aims to bolster bilateral relations following the restoration of diplomatic ties in 2022.
The STCC, established to promote cooperation in various sectors such as politics, security, economics, and culture, features more than 70 projects across at least 70 sectors.
One of the key economic initiatives includes the approval by Thailand's Central Islamic Committee for Halal certification of Thai chicken exports to Saudi Arabia, a pivotal market with an estimated annual value exceeding 40 million baht.
Additionally, plans are underway to create special economic zones between the two countries to stimulate trade and investment.
Maris reaffirmed Thailand's commitment to these initiatives, highlighting their potential to further solidify Saudi-Thai relations.
In a concurrent development, Thailand is set to sign a Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) during the World Economic Forum in Davos.
Commerce Minister Pichai Naripthaphan announced that the agreement involves EFTA’s member countries: Switzerland, Norway, Iceland, and Liechtenstein.
This FTA is expected to further expand Thailand's trade and investment opportunities.
Trade between Thailand and EFTA reached $11.5 billion in the first eleven months of 2024, showcasing a 25% increase from the previous year.
Major exports from Thailand include jewellery, steel products, and travel goods, while imports consist primarily of pharmaceuticals, meat products, and gemstones.
This agreement is anticipated to enhance Thailand's economic footprint in Europe, aligned with ongoing negotiations for the Asean-Canada Free Trade Agreement, poised to become Asean’s first FTA with North America.
These efforts reflect Thailand's strategy to diversify its international partnerships and stimulate growth through strategic economic agreements.
