# Thailand is nearing completion of a trade deal with non-EU countries

- Link: https://www.thailand-business-news.com/european-union/129086-thailand-is-nearing-completion-of-a-trade-deal-with-non-eu-countries
- Published: 2024-03-04T15:25:41+07:00
- Author: Fujiko Takahashi

Thailand is close to finalizing a free-trade agreement with Switzerland, Norway,
Iceland, and Liechtenstein under the European Free Trade Association (EFTA) by the
end of the year.

Thailand is currently negotiating with four non-EU countries – Switzerland, Norway,
Iceland, and Liechtenstein – as part of the European Free Trade Association (EFTA).
In addition, negotiations are also underway with the UK, Turkey, Pakistan, Sri Lanka,
and Bangladesh to finalize the terms of the Free Trade Agreements (FTAs).

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The FTAs would allow Thailand to access new markets and expand its exports, especially
in the sectors of agriculture, food, automotive, textiles and electronics. The FTAs
would also reduce tariffs and non-tariff barriers, as well as enhance cooperation
on trade facilitation, investment, services and intellectual property rights.

The Ministry of Commerce expects that the FTAs would increase Thailand’s gross domestic
product (GDP) by 1.3% and its exports by 3.9% in the next five years. The FTAs would
also create more than 200,000 jobs and generate an additional income of 260 billion
baht for Thai workers.

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The FTAs are part of Thailand’s strategy to diversify its trade partners and reduce
its dependence on a single market. Thailand is also a member of the Regional Comprehensive
Economic Partnership (RCEP), the world’s largest trade bloc that comprises 15 countries
in Asia-Pacific.