The European Union (EU) and Thailand have been negotiating a free trade agreement since 2013. The agreement aims to boost trade between the two regions by removing tariffs and other barriers to trade. After several rounds of negotiations, the parties have finally reached a deal.
The agreement, known as the EU-Thailand Free Trade Agreement (FTA), was signed on October 19, 2021. The agreement will eliminate tariffs on more than 99% of the goods traded between the two regions. It will also include provisions on investment, intellectual property, and sustainable development.
The EU is Thailand`s third-largest trading partner, while Thailand is the EU`s 25th. The FTA is expected to significantly increase trade between the regions and benefit both economies. It will create new opportunities for European businesses in Thailand and vice versa.
The agreement also includes measures to protect intellectual property rights. This will ensure that European businesses can operate in Thailand without fear of their intellectual property being stolen or copied. It will also promote innovation and encourage businesses to invest in research and development.
Sustainable development is also a key component of the FTA. The agreement includes measures to protect the environment and promote labor rights in Thailand. It will ensure that trade between the regions is conducted in a sustainable and responsible manner.
Overall, the EU-Thailand Free Trade Agreement is a significant milestone in the relationship between the EU and Thailand. It will create new opportunities for businesses and boost economic growth in both regions. The agreement is expected to take effect in early 2022, pending ratification by the European Parliament and the Thai parliament.