Thailand steps up trade ties with China via mini FTAs with provinces

25 Feb '23

1 min read

Pic: Shutterstock

Thailand's deputy prime minister Jurin Laksanawisit recently told the Thai-Chinese Chamber of Commerce his country has been stepping up cooperation with China by upgrading the free trade agreement (FTA) between China and the Association of Southeast Asian Nations (ASEAN), and especially, by initiating mini FTAs with Chinese cities and provinces.

Thailand has sought expansion of the Thai-Hainan mini FTA, with success seen in negotiations over the sales of goods and joint training sessions for business operators from Thailand and Hainan, he noted.

This resulted in the bilateral trade value rising by 91.9 per cent last year to 18.2 billion baht ($527 million), he said.

The country plans to expand trade with more places in China, including Shenzhen and Yunnan provinces, through such mini FTAs in future, he was quoted as saying by a Chinese state-owned media outlet.

China was the largest trading partner of Thailand last year, with a bilateral trade value reaching 3.69 trillion baht ($107 billion), which accounted for about 18 per cent of Thailand's total foreign trade volume, he added.

The three-day World Chinese Entrepreneurs Convention will start in Bangkok on June 24.

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