Further trade cooperation with Australia sought

“With closer ties and successful implementation, Thailand and Australia will talk further on strengthening cooperation in trade, services and investment so that more trade and investment will be seen in the following years,” Commerce Minister Apiradi Tantraporn said yesterday.
The ministry has found that since Tafta went into force in early 2005, Thailand has run a trade surplus every year with Australia.
Apiradi and her Australian counterpart have made an appointment to meet in the second half of this year.
According to a report by the ministry, two-way trade soared from US$3.84 billion in 2005-2007 to $14.84 billion (Bt530.5 billion) in 2013-15.
Under the agreement, Australia had already eliminated 100 per cent of its tariffs on imported Thai goods by January 2015, while Thailand has eliminated tariffs on 98.99 per cent of Australian goods.
Thailand has only left duties on some sensitive products, which will gradually also be eliminated by 2020. The sensitive products are beef, pork, milk and other dairy products.
Thai products that have enjoyed large benefits from the FTA according to the ministry are automobiles and parts, plastic pellets, seafood and processed seafood, air-conditioners and parts, rubber products, jewellery and ornaments.
Products that Thailand imports in large quantities from Australia that have profited from the tariff reduction are crude oil, coal, ores, natural gas, chemical products, and machinery and parts.
Thai services and investment have greater opportunities to penetrate the Australian market under the FTA, Apiradi said.
The businesses showing potential for Thai investors are tourism, hotels, restaurants, health, long-term healthcare, beauty, car care, design and construction.
Australia is Thailand’s seventh-largest trading partner. Last year, their trade increased 5 per cent to $13.97 billion.
Thailand gained a $5.5-billion trade surplus from Australia last year.