InfoQuest (July 5, 2021) -- According to Mrs. Auramon Supthawethum, Director General of the Department of Trade Negotiations of the Ministry of Commerce, a survey on the establishment of an ASEAN-Canada Free Trade Area by Bolliger & Company from June 14 to 29 showed that Thailand will see growths in GDP, investment, exports to and imports from Canada reaching 7.968-12.416 billion baht, 36.288-77.184 billion baht, 7.808-16.416 billion baht, and 7.456-15.84 billion baht, respectively, if the two sides cut tariffs on all products by 50-100 percent.
Canada, though with a population of only 38 million, has abundant workers and immigrants from Asia and other regions.
"The signature of the free trade agreement will make Thai products available in the Canadian market,and Canadian products available in the United States and Mexico. Meanwhile, Thai consumers may reduce their costs amid multiple options," said Mrs. Auramon.
Thailand's service sector will also benefit. With beautiful tourist attractions and world-class health services, Thailand will attract potential Canadian investors in high-tech sectors, which will facilitate the technology transfer of Thai entrepreneurs.
To enter into the free trade agreement with high-demandingCanada, Thailand must prepare itself in opening up the market of agricultural products and livestock products, protecting intellectual property rights, protecting new plant varieties, and government procurement, and team up with other ASEAN member states with similar expectations during negotiations. The Department will work out the negotiation framework before the ASEAN-Canada Economic Ministers Meeting in September, added Mrs. Auramon.
Source: InfoQuest, by Phnl/Thanawat SueaYam/ Rachada Kongkhunthian, translated by Xinhua Silk Road
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