InfoQuest (November 25, 2019) -- Thailand-New Zealand Closer Economic Partnership Joint Commission (TNZCEP JC) will meet in Bangkok, Thailand from November 28 to 29 to follow up on the implementation of the Free Trade Agreement (FTA) which came into force in 2005, said Ms. Onmon Subthawitham, director of the Department of Trade Negotiations (DTN) of the Ministry of Commerce (MOC). Since 2015, New Zealand has abolished tariffs on all Thai exports, while Thailand has removed tariffs on more than 99 percent of New Zealand's exports. As a result, Thailand-New Zealand foreign trade has surged by 321 percent since the FTA entered into force.
Ms. Onmon added that in addition to following up on the implementation of FTA and promoting trade between the two countries, Thailand and New Zealand will discuss cooperation possibilities in other fronts. First is economic cooperation in various fronts, such as joint cooperation on "Improving Sustainable Production Efficiency of Fresh Milk for Thai Dairy Farmers" project to make Thai dairy farmers more competitive. Second is cooperation on creating a better business environment. In this regard, Thailand can learn from New Zealand which takes pride in topping the worldwide ranking of the ease of doing business index released by the World Bank, especially in terms of incorporation and set-up. Third is cooperation on promoting the development of SMEs and providing them with opportunities to branch out. Fourthly is environmental cooperation under the concept of Circular Economy which is one of Thailand's major policies at this stage.
In 2018, the total trade volume between Thailand and New Zealand was 2.3872 billion U.S. dollars, higher than the 2017 level. Specifically, Thailand exported 1.668 billion U.S. dollar products to New Zealand, and imported 639 million U.S. dollar products from New Zealand.
In the year, Thailand mainly exported automobiles, equipment and components, air conditioners and components, plastic granules, rubber products, steel and steel products, canned seafood and processed seafood, plastic products, refrigerators, freezers and components, cosmetics, soap and skin care products to New Zealand.
It mainly imported milk and dairy products, vegetables, fruits, processed vegetables and fruits, infant supplements, paper and paper products, fresh, refrigerated, frozen, processed and semi-processed aquatic products, edible meat, pulp and paper scraps, wood, processed wood, crude oil products and chemicals from New Zealand.
Source: InfoQuest, by Phana/Kasamarporn/Rachada, translated by Xinhua Silk Road
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