Thailand's trade with FTA partners soars

BANGKOK, February 12 (TNA) - The Ministry of Commerce reports that Thailand's trade with free trade areas (FTAs) partners has soared, especially with other member countries in the Association of Southeast Asian Nations (ASEAN). Oramon Saptaweetham, Acting Director-General of the ministry's Department of Trade Negotiations, told journalists of the update on February 11, acknowledging that the value of Thailand's trade with other ASEAN member countries has expanded by more than 707 per cent since the ASEAN Free Trade Area (AFTA) Agreement took effect since 1993. Oramon pointed out that in 2017 alone, Thai exports to other ASEAN member countries reached about 59.6 billion US dollars, with main shipments including automobiles, accessories and parts, refined fuel, chemical products, plastic pellets and machines. Oramon said the value of Thailand's trade with India soared by more than 406 per cent since the Thailand-India FTA (TIFTA) took effect since September 1, 2004, with Thai exports to India in 2017 alone totaling at about 6.4 billion US dollars, namely plastic pellets, chemical products, automobiles, accessories and parts, gems and jewelry and machines. Oramon noted that the value of Thailand's trade with China has become the third top, soaring by 262 per cent since the ASEAN-China FTA (ACFTA) took effect since July 2005, with Thai exports to China in 2017 alone standing at 29.4 billion US dollars, including natural rubber, rubber products, plastic pellets, computer sets and chemical products. The senior official revealed that the value of Thailand's trade with New Zealand and Australia has become the fourth and fifth top among the country's 12 FTA partners totally so far, soaring by 194.8 per cent and by 132 per cent respectively since the Thailand-New Zealand FTA (TNZFTA) and the Thailand-Australia (TAFTA) took effect in mid and early 2005, with Thai exports to New Zealand in 2017 alone including automobiles, accessories and parts, plastic pellets, air conditioners and parts, plastic products, steel and rubber products, and to Australia in the same year including automobiles and parts, air conditioners, gems and jewelry, plastic pellets and canned seafood. According to the senior Thai female official, the value of Thailand's trade with the United States and the European Union (EU), two major trading partners that have had no FTA with the Thai Kingdom, expanded by only 61.2 per cent and 31.6 per cent respectively over the past decade. Thailand has, meanwhile, concluded six bilateral FTAs with India, Australia, New Zealand, Japan, Peru and Chile and has joined another six regional FTAs, including the ASEAN-China FTA, the ASEAN-Japan FTA, the ASEAN-Korea, the ASEAN-Australia, the ASEAN-New Zealand and the ASEAN-India FTA. (TNA)