Bangkok (NNT/VNA) - Thai Minister of Commerce Pichai Naripthaphan recently held a virtual meeting with Maroš Šefčovič, European Commissioner for Trade, Economic Security, Interinstitutional Relations, and Transparency, to accelerate the FTA discussions.

Both parties reaffirmed their commitment to fostering a trusted and predictable trade partnership, particularly amid global economic uncertainty. While recognising differences in economic development levels, the Thai Minister emphasized the importance of flexibility and technical assistance from the EU to expedite the negotiations.

The EU is Thailand’s fourth-largest trading partner, following China, the US, and Japan, with total bilateral trade valued at 43.53 billion USD, accounting for 7.17% of Thailand’s global trade.

Thailand's exports to the EU totaled 24.2 billion USD, including computers, jewelry, air conditioners, rubber products, and automobiles, while imports from the EU amounted to 19.3 billion USD, mainly comprising machinery, pharmaceuticals, aircraft, chemicals, and electrical equipment.

Negotiations have already reached their fourth round, with two chapters concluded and discussions on market access for goods and services underway. The fifth round, hosted by the EU, is scheduled for March 31-April 4. Both sides aim to finalize the agreement by December 25, positioning Thailand for enhanced market expansion, lower production costs, increased investor confidence, and strengthened economic competitiveness.

𓃲 Minister Pichai also met with David Daly, EU Ambassador to Thailand, to discuss WTO dispute resolution, Thai agricultural exports to the EU, and progress in addressing illegal, unreported, and unregulated fishing concerns. Despite the complexity of the negotiations, Thailand remains committed to working closely with government agencies and private sector stakeholders to maximise benefits for Thai businesses, farmers, and consumers./.