Ask Belarus to support Thailand-Eurasian Economic Union FTA negotiations

Nalini Taveesin" revealed that the negotiations to draft a memorandum on the establishment of a joint committee on trade and economic cooperation between Thailand and Belarus are nearing their conclusion. She believes that this will be an important mechanism to strengthen economic cooperation between the two countries. She asked Belarus to support the negotiations on the FTA between Thailand and the Eurasian Economic Union (EAEU). Ms. Nalinee Taveesin, Thai Trade Representative, revealed after the discussion with Mr. Uladzimir Baravikou, Ambassador of the Republic of Belarus to Thailand, residing in Hanoi, that Belarus is considered a new market with potential for Thailand. The main reason is that Belarus is a member of the Eurasian Economic Union (EAEU), which consists of 5 member countries: Belarus, Kazakhstan, Kyrgyzstan, Armenia, and Russia. Although currently, there is not much trade between Thailand and Belarus, she believes that if businessmen from both sides have the opportunity to meet and get to kn ow each other, including in-depth trade information, as well as close coordination at both the public and private sectors, it will be an important factor in increasing the value of both countries. Therefore, she took this opportunity to invite Belarusian businessmen to join trade exhibitions held in Thailand, such as Thaifex Anuga Asia or Style Bangkok, because participating in trade exhibitions will be a good opportunity for entrepreneurs from both sides to meet and negotiate business with each other. It is also a way to launch and introduce products to investors and consumers of the other party. The Thai trade representative also said that he and the Belarusian ambassador also discussed the progress of negotiations to draft a memorandum on the establishment of a joint committee on trade and economic cooperation between Thailand and Belarus, which covers a total of 12 areas of cooperation, covering issues of trade, investment, tourism, and culture. They agreed that the Thailand-Belarus trade agreement would be a mechanism to promote and expand economic, trade, and investment cooperation between the two countries to be closer. At present, negotiations have progressed significantly and there are only a few issues left to consider before the negotiations are complete. Mrs. Nalinee also said that she took this opportunity to ask the Belarusian side to support the establishment of the Thailand-EAEU FTA agreement. From the initial study and assessment of the benefits to be received, it was found that the establishment of free trade between Thailand and the EAEU will have a positive impact on the Thai economy, resulting in an increase in Thailand's economic growth rate. Exports of both Thailand and the EAEU countries will significantly expand, the welfare of the population will improve, Thailand's employment will increase, and Thailand's consumption, investment, and government spending will increase. The negotiation of the Thailand-EAEU FTA will also promote Thailand's role as the world's kitchen and a solution to foo d security for the EAEU region, as Thai products and services that will benefit from the liberalization include sugar, sugarcane, and rice, which is in line with the important policies of Prime Minister Paethongtarn's government to increase income and expand opportunities for entrepreneurs and the public. In addition, they discussed public relations and cooperation in soft power, such as promoting Thai culture, food, and tourism. In 2023, Belarus is Thailand's 125th largest trading partner in the world market and Thailand's third largest trading partner among EAEU member countries, after Russia and Kazakhstan, with a combined value of 55.71 million US dollars. Important products that Thailand exports to Belarus include electrical appliances and other components, plastic pellets, embroidered fabrics and lace, as well as faucets, valves and components. Source: Thai News Agency