Thailand expedites to join CPTPP, RCEP

BANGKOK, February 8 (TNA) - The Thai government, through the Ministry of Commerce, is accelerating its negotiations to join and establish two new major regional free trade agreements (FTAs), including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP). Thai Deputy Prime Minister Somkid Jatusripitak, who oversees economic affairs, told journalists on Friday, after holding a meeting with executives of the Ministry of Commerce, that Thailand has confirmed and applied to join CPTPP and the Thai Cabinet is expected to be officially notified the move by next month. Somkid stated that after the move is endorsed by the Thai Cabinet, the Ministry of Commerce will be officially authorized to proceed with negotiations with other member countries, with a conclusion for the Thai Kingdom's membership of CPTPP expected by the end of this year. CPTPP is a newly-established regional FTA that now comprises of all member countries of the defunct Trans-Pacific Partnership (TPP), except the United States, including Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, whose total gross domestic product (GDP) stands at about 13.5 trillion US dollars, accounting for the world's third largest FTA in terms of GDP. The deputy premier said that as Thailand takes the chairmanship role of the 10-member Association of Southeast Asian Nations (ASEAN) this year, he has also assigned the Ministry of Commerce to speed up talks towards the establishment of RCEP between ASEAN and the 10-nation bloc's six dialogue partners, including Australia, China, India, Japan, South Korea and New Zealand. The deputy prime minister acknowledged that Thailand's participation in both CPTPP and RCEP will support and sustain the country's growing trade and investment in the long run. Besides, Thailand will keep expanding trade ties and cooperation with neighboring Cambodia, Lao PDR, Myanmar, Vietnam in the ASEAN Economic Community (AEC) to further boost the national economy. (TNA)