Bangkok 13 Oct. – “Nalini” reveals Thailand-Australia Aiming to continue the 3 trade agreements, aiming to invest more in EEC and enhance economic cooperation.
Mrs. Nalinee Thaweesin, Thai Trade Representative Revealed after discussions with Ms. Angela Jane McDonald, Ambassador of the Commonwealth of Australia to Thailand. that Australia is interested in investing in the Eastern Economic Corridor (EEC), especially in water and infrastructure development; He emphasized that investors will receive benefits in various areas. Australia is Thailand’s 8th most important trading partner in the global market. Two-way trade in 2022 was worth US$18,388.93 million. and has a tendency to continuously expand This is in line with the economic strategy for Southeast Asia towards 2040 that the Australian Prime Minister announced in September 2023, allocating a budget of approximately 95.4 million Australian dollars, or approximately 2,200 million baht, for 4 years to support the said mission. which Thailand will benefit from as well The fields in which Australia has potential and which Thailand places importance on are agricultural technology. digital technology Workforce development through education energy that can be recycled, etc.
In the past, Thailand and Australia have made 3 bilateral and regional free trade agreements: 1. Thailand-Australia Free Trade Agreement (TAFTA) 2. ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) and 3. Regional Comprehensive Economic Partnership (RCEP), which Australia hopes that both countries will use information on the advantages and disadvantages of the three agreements to develop cooperation in trade, investment, and other areas. further related
The Thailand-Australia Free Trade Agreement (TAFTA) has come into effect since January 1, 2005, which will be 20 years old in the next two years. Thailand and Australia have agreed to organize activities to invite entrepreneurs. To make greater use of the benefits under the TAFTA agreement. In November 2023, Thailand will host a meeting of the Market Access Action Committee (MAIC) to follow up on market opening issues between them. This is believed to make the TAFTA agreement responsive to changes in world trade.
“In the middle of this year, Australia opened the market for cooked duck from Thailand. This will allow us to export approximately 1,200 tons/year, worth 400 million baht, and Thailand allows the import of fresh avocado fruits from Australia. It shows the enhancement of cooperation in agricultural products between the two countries. Other important products that Thailand exports to Australia include automobiles and components. air conditioner Gems, jewelry, rubber products and plastic pellets, etc.,” Ms. Nalini said
Source: Thai News Agency