# Thailand Set to Initiate FTA Talks with Russia and EAEU

- Link: https://www.thailand-business-news.com/russia/153958-thailand-set-to-initiate-fta-talks-with-eaeu
- Published: 2024-07-31T08:26:00+07:00
- Author: Thai News ข่าวไทย

Minister of Commerce Phumtham Wechayachai has confirmed that the Thai government
plans to initiate negotiations for a free trade agreement (FTA) with the Eurasian
Economic Union (EAEU), which includes Russia, Armenia, Belarus, Kazakhstan, and 
Kyrgyzstan.

## Key Points

This development follows discussions with Kazakhstan’s Ambassador to Thailand, Arman
Issetov, aimed at enhancing bilateral trade, investment, and tourism. The talks 
led to an agreement to establish a Joint Commission on Trade and Economic Cooperation
between Thailand and Kazakhstan, signaling a commitment to deepen economic ties.

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Thailand is keen on leveraging the FTA to explore opportunities to export agricultural
products and animal feed to Kazakhstan, given the growing demand and Thailand’s 
competitive pricing in these sectors. Furthermore, a recent visa exemption agreement
between the two countries is anticipated to bolster economic and investment relations.
Minister Phumtham is scheduled to visit Kazakhstan from August 13-18 to sign a memorandum
of understanding on economic cooperation and engage with business leaders in the
transport and logistics sectors, indicating ongoing efforts to strengthen bilateral
economic partnerships.

In 2023, the total bilateral trade between Thailand and Kazakhstan amounted to 172
million dollars. Thailand exported goods valued at 76 million dollars, including
cars and rubber products, while imports from Kazakhstan primarily consisted of crude
petroleum and mineral products, totaling 96 million dollars. These figures underscore
the significant economic exchanges already in place, which the FTA and subsequent
agreements aim to expand further.

Minister of Commerce Phumtham Wechayachai has confirmed that the government is expected
to begin negotiations for a free trade agreement (FTA) with the Eurasian Economic
Union (EAEU). The development follows discussions with Kazakhstan’s Ambassador to
Thailand, Arman Issetov, focusing on boosting bilateral trade, investment, and tourism.
The talks also led to an agreement to establish a Joint Commission on Trade and 
Economic Cooperation between Thailand and Kazakhstan. The EAEU, consisting of Russia,
Armenia, Belarus, Kazakhstan, and Kyrgyzstan, represents a major economic bloc with
nearly 200 million people and a combined GDP of 5 trillion US dollars. In addition
to the FTA discussions, Thailand is exploring opportunities to export agricultural
products and animal feed to Kazakhstan, taking advantage of the growing demand and
Thailand’s competitive pricing in these sectors.

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The recent visa exemption agreement between the two countries is expected to enhance
economic and investment ties further. Minister Phumtham is scheduled to visit Kazakhstan
from August 13-18 to sign a memorandum of understanding on economic cooperation 
and to meet with business leaders in the transport and logistics sector.In 2023,
bilateral trade between Thailand and Kazakhstan totaled 172 million dollars, with
Thailand exporting 76 dollars million worth of goods, including cars and rubber 
products, and importing 96 million dollars, primarily in crude petroleum and mineral
products.

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