Parliament has approved five major international trade agreements, paving the way for Thailand to expand market access in Europe and South Asia.
The agreements were presented by Deputy Prime Minister and Commerce Minister Suphajee Suthumpun during a joint sitting of parliament on Wednesday.
Following debate, lawmakers approved the package, which includes the Thailand–European Free Trade Association (EFTA) Free Trade Agreement, the Thailand–Bhutan Free Trade Agreement, upgrades to the Asean–China Free Trade Area (ACFTA) and the Asean Trade in Goods Agreement (ATIGA), and Thailand's accession to the WTO Agreement on Fisheries Subsidies.
Ms Suphajee described the Thailand–EFTA FTA as a landmark achievement, marking Thailand's first free trade agreement with a group of European countries.
The deal is expected to expand opportunities for Thai exports and services while promoting technology transfer, innovation, and higher production standards. It also supports Thailand's ongoing FTA negotiations with the European Union and preparations for future OECD accession.
The Thailand–Bhutan FTA will see both countries immediately remove import duties upon entry into force.
Thai exports expected to benefit include automobiles and parts, processed foods, textiles, chemicals, electrical appliances, construction materials, and environmentally friendly technologies.
The agreement will also provide Thai businesses with greater access to Bhutanese raw materials and strengthen trade and investment links with South Asia.
The upgraded ACFTA and revised ATIGA are designed to improve trade facilitation, reduce business costs, and address emerging economic challenges.
ACFTA introduces new chapters covering the digital economy, green economy, competition and consumer protection, supply chain connectivity, and support for small enterprises.
ATIGA revisions focus on reducing non-tariff barriers, promoting digital trade processes, improving transparency, and enhancing cooperation on environmental and supply-chain issues.
Thailand's accession to the WTO Agreement on Fisheries Subsidies will prohibit subsidies linked to illegal, unreported, and unregulated fishing, supporting marine sustainability and fair competition in the fisheries sector.
