Thailand successfully negotiates trade deal with EFTA
After more than 20 years of trying, the Commerce Ministry finally succeeded in negotiating a free trade pact with the European Free Trade Association (EFTA).
EFTA, an intergovernmental organisation of Iceland, Liechtenstein, Norway and Switzerland, was set up in 1960 for the promotion of free trade and economic integration between members.
Commerce Minister Jurin Laksanawisit met foreign and trade ministers from the four countries for lunch on Monday at a restaurant in the Icelandic town of Borgarnes.
“Senior EFTA executives have been invited to an official meeting in Thailand from June 28-30 to further discuss free trade agreements as well as future socio-economic development projects between Thailand and EFTA members,” Jurin said. “We expect the free trade negotiations to be completed within two years.”
Thailand’s trade volume with EFTA in 2021 came in at US$7.5 billion and the Commerce Ministry expects this number to more than double once the FTA goes into effect. The pact will reduce tariffs, promote multilateral trade cooperation and establish e-commerce platforms to facilitate international trade among contract parties.
Jurin and commerce delegates have been in Iceland since Sunday to promote Thai products.