InfoQuest, (June 10, 2019) -- Ms. Onmon Subthawitham, director-general of the Department of Trade Negotiations (DTN) of the Ministry of Commerce revealed that she will attend the 14th Thailand-EU trade and investment working group meeting. The meeting is scheduled to be held in Brussels, Belgium on June 11. It is an annual event to discuss issues such as boosting economic ties between Thailand and the EU and addressing the bilateral trade and investment barriers.
The key topics of the meeting will include the world’s economic situation, the impact of Brexit, reform of the World Trade Organization (WTO), and the possibility to revive the negotiations on a Thai-EU FTA. The meeting will also discuss the regulations and trade measures implemented by both sides over the past year and find ways to tackle the existing trade barriers caused by these new measures and regulations.
Ms. Onmon Subthawitham added that as Thailand is in the process of forming a new government and the EU is also holding election for a new parliament, the working group will not discuss details of an FTA, but will provide a platform to exchange data which can pave the way for future talks on an FTA.
The EU was Thailand’s third largest trading partner in 2018. Two-way trade represented 47.27187 billion U.S. dollars, accounting for 9.4 percent of Thailand’s total trade volume, up 6.51 percent from 2017. Exports from Thailand to the EU totaled 25.01413 billion U.S. dollars, and imports from the EU topped 22.25774 billion U.S. dollars, up 5.15 percent and 8.07 percent respectively from the year before.
Thailand’s major export items to the EU include computer equipment and components, automobile and parts, gems and jewelry, circuit boards, rubber products, air conditioners and parts, as well as processed chicken. The key products Thailand imports from the EU cover machines and parts, gliders, airplanes and parts, chemical products, medical supplies and medicines, electrical devices and parts, automobile and parts, diamonds and precious stones.
Source: InfoQuest, by Phana / Kasamarporn / Rachada, translated by Xinhua Silk Road
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