Hanoi (VNA) – Thailand’s Cabinet onNovember 9 approved the negotiation framework for the ASEAN-Canada free tradeagreement (FTA), hoping the pact will help open a gateway for Thailand to enter North America.
According to Rachada Dhanadirek, deputy governmentspokeswoman, the pact is expected to help facilitate the expansion of trade andinvestment, reduce obstacles from tariffs and non-tariff barriers as well aspromote the services sector between members of ASEAN and Canada.
The negotiation framework covers trade, protectionand remedy measures; rule of origin; customs procedures; trade facilitation,sanitary standards; practices on trade rules, services and investment;intellectual property, labour and environment protection; trade competition, stateprocurement; and the free movement of people, Bangkok Post reported.
Previously, the ASEAN Secretariat had studied theASEAN-Canada FTA and found that Thailand's GDP could increase by 7.967 billion USD,or a rise of 1.97 percent while ASEAN GDP would rise by 39.361 billion USD, up1.6 percent.
Meanwhile, the pact could boost Canada's GDP by 5.104billion USD, an increase of 0.3 percent.
Two-way trade between Thailand and Canada totalled 2.31billion USD last year, up 0.53 percent. Of the total, exports represented 1.54billion USD, up 0.67 percent, while imports stood at 767 million USD.
According to Rachada, the ASEAN-Canada FTA may causedrastic competition for the farm, industry and service sectors, urging businesses to speed up upgrading their quality standards; intellectualproperty protection, online trading, labour rights and environmentalprotection./.
According to Rachada Dhanadirek, deputy governmentspokeswoman, the pact is expected to help facilitate the expansion of trade andinvestment, reduce obstacles from tariffs and non-tariff barriers as well aspromote the services sector between members of ASEAN and Canada.
The negotiation framework covers trade, protectionand remedy measures; rule of origin; customs procedures; trade facilitation,sanitary standards; practices on trade rules, services and investment;intellectual property, labour and environment protection; trade competition, stateprocurement; and the free movement of people, Bangkok Post reported.
Previously, the ASEAN Secretariat had studied theASEAN-Canada FTA and found that Thailand's GDP could increase by 7.967 billion USD,or a rise of 1.97 percent while ASEAN GDP would rise by 39.361 billion USD, up1.6 percent.
Meanwhile, the pact could boost Canada's GDP by 5.104billion USD, an increase of 0.3 percent.
Two-way trade between Thailand and Canada totalled 2.31billion USD last year, up 0.53 percent. Of the total, exports represented 1.54billion USD, up 0.67 percent, while imports stood at 767 million USD.
According to Rachada, the ASEAN-Canada FTA may causedrastic competition for the farm, industry and service sectors, urging businesses to speed up upgrading their quality standards; intellectualproperty protection, online trading, labour rights and environmentalprotection./.
VNA
