THAILAND’s Trade Negotiations Department is exploring the possibility of establishing new free trade agreements with various countries and trade blocs in the next 5 years.
Thailand aims to build strategic partnerships with over 50 countries including Israel, Bhutan, South Korea, the Pacific Alliance, the Southern African Customs Union, and the Gulf Cooperation Council (GCC).
This number will cover about 80% of its global trade by 2027.
Thailand currently has 14 free trade agreements (FTAs) in place with 18 countries accounting for 60.9% of its total trade between Thailand and its FTAs partners reached $360 billion in the previous year.
For this year, Thailand plans to finalize negotiations for a free trade agreement with Sri Lanka, Turkiye, and the European Free Trade Association.
Meanwhile, Thailand plans to start trade talks with the United Kingdom before the end of the year while negotiations for a free trade agreement with the EU are expected to end by 2025.
In February, Thailand unveiled its new Five-Year Investment Promotion Strategy from 2023 to 2027 which seeks to reestablish its competitiveness and stay ahead of the global competition.
