The Thai government is accelerating negotiations for the BIMSTEC Free Trade Agreement (FTA) to secure one of the world's largest free trade agreements.
Bangkok (NNT/VNA) - The Thai government is accelerating negotiations for the BIMSTEC Free Trade Agreement (FTA) to secure one of the world's largest free trade agreements.
The move aims to boost economic integration among the seven member countries with a combined population of 1.8 billion. These countries are Bangladesh, India, Bhutan, Nepal, Myanmar, Sri Lanka, and Thailand. The FTA is expected to drive regional economic growth and increase the GDP of member countries.
At the recent BIMSTEC Business Summit in New Delhi, Deputy Commerce Minister Suchart Chomklin emphasised the importance of concluding FTA negotiations swiftly.
He highlighted that Thailand, strategically positioned in South Asia, would significantly benefit from expanded trade with India, a major export market. Suchart also urged Myanmar to ease import regulations for Thai products and address temporary import bans on specific goods like beverages, condensed milk, automobiles, and cement.
Furthermore, Suchart noted that Thailand currently has bilateral FTAs with several BIMSTEC members, including India and Sri Lanka, with ongoing negotiations for FTAs with Bhutan and Bangladesh.
These agreements are expected to bolster Thailand's trade balance, which in 2023 recorded a surplus of 6.85 billion USD with BIMSTEC countries. Key Thai exports include plastics, chemicals, and automotive parts, while imports mainly comprise natural gas and precious metals.
In preparation for the 6th BIMSTEC Summit in Bangkok on September 4, Thailand aims to finalise the "Bangkok Vision 2030" to foster a 🍨prosperous, sustainable, and open BIMSTEC region by 2030./.
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