Thailand signed a memorandum of understanding (MoU) yesterday to establish a joint working group on trade and economic cooperation with Austria in order to boost bilateral trade and strengthen economic cooperation.
Speaking after the MoU signing with Austria's Federal Minister of Labour and Economy Martin Kocher, Commerce Minister Jurin Laksanawisit said Thailand would use this forum to reduce trade obstacles, stimulate shipments and increase foreign direct investments while expanding business opportunities for the private sector.
Thailand also aims to expand the cooperation, particularly in areas where Austria has a specialisation deemed to be important for Thailand's development, such as the automotive industry, organic farming, the circular economy, machinery, robotics, automation industries, textile technology and human resource development.
Mr Jurin said responsible agencies for the two parties are discussing the schedule for the first joint working group meeting, which could be by the first quarter of 2023.
He said Thailand also requested EU member Austria help support the revival of the long-awaited free trade agreement between the EU and Thailand, as such a pact would increase trade and investments between dialogue partners.
In addition, Mr Jurin said the ministry invited Austrian businesses to attend Thai trade shows next year such as Style Bangkok (in March), Thailand International Auto Parts & Accessories Show (April), Thaifex–Anuga Asia 2023 (May) and Bangkok Gems & Jewelry Fair (September), paying particular attention to Austrian businesses in auto parts, machinery and parts that may be interested in investing here.
Thailand asked Austria to support the country hosting the Specialized Expo 2028.
In 2021, bilateral trade volume between Thailand and Austria tallied US$737 million, with exports to Austria reaching $267 million, up 17.6% year-on-year, and imports valued at $469 million, down by 9.06%.
In the first nine months of this year, bilateral trade between the pair contracted by 4.13% to $527 million.
Important export products include cars, equipment and parts, gems and jewellery, cosmetics, soaps and skincare products, air conditioners and parts, switchboards and electrical control panels, garments, computers and parts, electrical apparatus for igniting engines and parts, rubber products, machinery and mechanical parts.
Import products include machinery and parts, jewellery, gems, silver bars and gold, electrical machinery and parts, circuit boards, glasses, glass products, pharmaceutical and medical products, auto parts and equipment, chemicals, railways and parts, and metal products.
