(CTN News) – Thailand has taken a significant step forward in enhancing trade relations by hosting the eighth round of negotiations for the ASEAN-Canada Free Trade Agreement (ACAFTA) in Bangkok.
The meeting, held between yesterday and today, aimed to expedite various aspects of the agreement to conclude discussions by 2025.
Chotima Iamsawatigul, Director-General of the Department of Trade Negotiations, appointed Ratchawit Piyapramote, Deputy Director-General of the same department, to lead the Thai delegation.
The discussions focused on advancing negotiations across several working groups, emphasizing key unresolved issues such as market access for goods, the recognition of documents related to rules of origin, and the structure and scope of chapters on trade in services and investment.
“We have made substantial progress in this round by accelerating the discussions of the working groups and pushing forward on critical pending matters,” stated Chotima Iamsawatigul.
Key Highlights of ASEAN-Canada FTA Negotiations
The negotiation also highlighted the integration of sustainable development topics, including labor, environment, and inclusive trade, into the FTA framework.
In addition to trade talks, the meeting underscored the importance of technical assistance activities aimed at enhancing ASEAN’s negotiation capabilities.
Recent efforts included support to compile trade data and transition tariff codes to HS2022, helping CLMV (Cambodia, Laos, Myanmar, Vietnam) countries meet their deadlines.
The committee reviewed plans for the remaining eight negotiation rounds, with the goal of finalizing the agreement by 2025.
This FTA marks Thailand’s first trade deal with a North American country, particularly Canada, known for its strong purchasing power, advanced industries, skilled workforce, and expertise in clean energy.
The agreement is expected to expand trade and investment opportunities, enhancing Thailand’s economic potential.
The Trade Overview
Over the past three months, ASEAN-Canada trade totaled US$6,930 million (approximately 218 billion baht), marking a 0.14% increase from the same period the previous year.
Canadian exports to ASEAN reached US$1,450 million, up 15.33%, while imports from ASEAN totaled US$5,480 million, up 26.48%.
Key ASEAN exports to Canada included electronic components, nuclear reactors, and apparel, while major imports from Canada consisted of grains, nuclear reactors, and fertilizers.
Canada currently stands as Thailand’s 30th largest trading partner. In the first quarter of 2024, trade between Thailand and Canada reached US$769.33 million, a 5.95% increase from the same period last year, as reported by KhaoSod.
Thailand’s exports to Canada were valued at US$512.39 million, up 7.76%, and imports from Canada stood at US$257.49 million, up 2.51%
. Major Thai exports included steel and steel products, canned and processed seafood, and rice, while significant imports comprised plants and plant products, electronic circuits, and paper pulp and waste paper.
The negotiations are set to continue to build on the progress made during this round, with the aim of finalizing the ASEAN-Canada Free Trade Agreement by 2025, setting the stage for increased economic cooperation and growth between Thailand and Canada.