29 November 2024
The European Free Trade Association (EFTA) – comprising Iceland, Liechtenstein, Norway, and Switzerland – and Thailand have reached an exciting milestone! On 29 November 2024, both parties met online to finalize negotiations for a bold and comprehensive Free Trade Agreement (FTA).
Representing EFTA, Karin Büchel, Head of the Free Trade Agreements/EFTA Division at Switzerland’s State Secretariat for Economic Affairs, led the discussions. On the Thai side, the delegation was spearheaded by Director-General Chotima Iemsawasdikul from the Department of Trade Negotiations, Ministry of Commerce.
This ambitious FTA promises to revolutionize economic collaboration between EFTA and Thailand. It covers a wide range of areas, including trade in goods and services, investment, intellectual property rights, competition, government procurement, trade and sustainable development, legal frameworks, and much more. Notably, the agreement includes dedicated chapters on small and medium-sized enterprises (SMEs) and cooperation and capacity-building, paving the way for mutual growth and innovation.
The journey began in June 2022, when EFTA Ministers and Thailand’s Deputy Prime Minister launched the FTA negotiations during EFTA’s Ministerial Meeting in Borgarnes, Iceland. Since then, 10 productive rounds of negotiations have taken place across Bangkok, Geneva, and Oslo, demonstrating the commitment and collaboration between the two parties.
Strong Economic Ties Between EFTA and Thailand
In 2023, the trade relationship between EFTA and Thailand reached new heights, with bilateral merchandise trade surpassing EUR 3.2 billion! Key exports from EFTA to Thailand included clocks and watches, fish and crustaceans, pharmaceutical products, and cutting-edge machinery. Meanwhile, Thailand exported electrical machinery, vehicles, iron structures, and high-quality watch parts to EFTA States.
This landmark agreement marks a new chapter in EFTA-Thailand relations, fostering deeper economic ties and opening up exciting opportunities for businesses and consumers alike.
Discover more about trade relations between EFTA and Thailand here.
