Thailand and Saudi Arabia deepen trade ties, explore free trade pact
Bilateral trade has surged by 30 per cent since resumption of diplomatic relations
Thailand and Saudi Arabia have made significant strides in strengthening their bilateral trade relations, with both countries exploring opportunities to further enhance economic cooperation.
This was revealed by Dr Nalinee Thavisin, Thai Trade Representative, following a meeting with her Saudi counterpart.
Since the resumption of diplomatic relations in 2022, bilateral trade between the two nations has surged by over 30%. The establishment of a Thai Board of Investment office in Riyadh underscores Thailand's commitment to supporting Saudi Vision 2030 and attracting investments from the Kingdom.
A key focus of the discussions was the potential for a Free Trade Agreement (FTA) between Thailand and the Gulf Cooperation Council (GCC). The GCC, a grouping of six Arab countries, represents a substantial market with high purchasing power and a demand for a wide range of goods and services.
Both countries recognised the complementary nature of their economies and the potential for a strategic partnership. Thailand aims to position itself as a regional hub in various sectors, while Saudi Arabia seeks to expand its economic reach.
The bilateral trade value between Thailand and Saudi Arabia has consistently exceeded $7 billion in recent years, with key exports from Thailand including automobiles, wood products, and canned seafood. Saudi Arabia primarily exports crude oil, chemicals, and fertilizers to Thailand.
