Bangkok (VNA) 🐻– Thailand is ready to start negotiations on a free trade agreement (FTA) with the Eurasian Economic Union (EAEU).
Commerce Minister Phumtham Wechayachai made the statement during a recent meeting with Kazakh Ambassador to Thailand Arman Issetov, during which both sides discussed ways to promote bilateral cooperation in various areas of mutual interest, particularly trade, investment and tourism.
Apart from trade promotion activities organised by the Commerce Ministry such as trade fairs and business negotiations via online channels, they also discussed establishing a Joint Commission on Trade and Economic Cooperation between Thailand and Kazakhstan.
The Thai side expressed its readiness to start negotiations on the FTA with the EAEU and wished to seek Kazakhstan's support on this matter.
The EAEU is an FTA that came into being in 2015 to increase economic cooperation and raise standards of living among its members. The member states are Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan. It is estimated that nearly 200 million people live in the member states and that EAEU countries have 5 trillion USD in combined GDP.
Kazakhstan, the largest economy in Central Asia, leads the region not only in terms of GDP and purchasing power, but also in its importance as a business and logistics hub. With its position as a gateway to other Central Asian markets, Kazakhstan presents Thai businesses with opportunities for trade and investment.
According to Phumtham, Thailand is also in talks with Kazakhstan on the import of agricultural products and animal feed from the southeast Asian country. Moreover, both sides can leverage the visa exemption agreement signed on April 2024 to expand economic and investment cooperation./.
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