Tuesday, December 10, 2019

Thailand, Germany to resume economic committee talks

Nov 21. 2019
Photo courtesy of Commerce News Agency
Photo courtesy of Commerce News Agency
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By THE NATION

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The Thailand-Germany economic committee meeting will be revived after it was called off in 2003 over internal issues, said Deputy Commerce Minister Weerasak Wangsuphakijkosol today (November 21) after a meeting with Thomas Bareiß, Germany’s Deputy Minister of Economic Affairs and Energy.

The ministerial level meeting was initiated in 2003.

“The deputy minister said Germany is ready to host the meeting again in Berlin in mid-2020. We are looking to expand the bilateral trade volume from US$12 billion to US$16 billion by 2020," Weerasak said.

"Bareiß also said that Germany supports negotiation of a free trade agreement between Thailand and the European Union to expand trading and investment opportunities for all parties involved".

Germany is one of Thailand’s most important trade partners. In 2018, trade volume between the two countries reached US$12 billion, rising 7.2 per cent year on year.

Computer components, gems and jewelleries, electronic circuit boards, automotive components, and air conditioner components are among the main Thai export items to Germany, valued at a total of US$5.2 billion a year.

Products imported from Germany, valued at US$6.8 billion annually, include machinery components, electrical machines, chemical products, scientific and medical tools.

Thailand’s investment in Germany is valued at US$353 million, compared to $2.1 billion worth of German holdings in the Kingdom.

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