May 10, 2023
2 mins read

UAE set to launch CEPA talks with Thailand

Dr Thani Al Zeyoudi emphasized that these negotiations represent another important step in our growth agenda and underline UAE’s role as a key enabler of global trade….reports Asian Lite News

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Jurin Laksanawisit, Deputy Prime Minister and Minister of Commerce of Thailand, have signed a joint statement agreeing to launch negotiations to establish a Comprehensive Economic Partnership Agreement (CEPA) between the two countries. The first round of negotiations will commence in the UAE on May 16.

Dr Thani Al Zeyoudi emphasized that these negotiations represent another important step in our growth agenda and underline UAE’s role as a key enabler of global trade.

Al Zeyoudi underlined the developing relations between the UAE and Thailand, stating that the negotiations are a natural progression following the launch of the first UAE-Thai Business Council in February 2023.

He added: “Thailand is an increasingly important trade and investment partner for the UAE, and a high-growth economy in the heart of an exciting, rapidly emerging region. We have enjoyed strong bilateral trade growth in recent years and believe a Comprehensive Economic Partnership Agreement will deliver a wealth of opportunity in sectors such as tourism, food security, IT, logistics and financial services. These negotiations represent another important step in our growth agenda and underline our role as a key enabler of global trade.”

Thailand’s economy is the second largest in South-East Asia and is projected to grow 3.8 percent in 2023, driven by the rebound in the country’s vital tourism sector. It also boasts a well-developed services sector that contributes 58.3 percent of the nation’s GDP. A UAE-Thailand CEPA will build on the rapidly increasing non-oil trade between the two nations, which increased 21 percent in 2022 to reach US$6.1 billion.

The UAE’s principal exports to Thailand are ethylene polymers, gold, vegetable residues, delivery vehicles and parts, and electric batteries, with iron, steel and cosmetics emerging sectors. In the other direction, Thailand’s leading exports include office machinery and parts, motor vehicle parts, tires and aluminum plating.

The CEPA negotiations with Thailand are the latest under the UAE’s ambitious foreign trade agenda, which seeks to double its foreign trade and the national economy by 2031.

The UAE has so far concluded 4 CEPAs with India, Israel, Indonesia and Turkey and the first two have already come into force, and the signing of other two agreements will follow later.

The UAE is currently in talks with more markets of strategic importance at the regional and global levels to establish similar agreements.

ALSO READ: Syria resumes diplomatic mission in Saudi

Previous Story

Yemeni leader, Saudi envoy discuss ways to end civil war

Next Story

UAE, Tajikistan sign air transport services deal

Latest from -Top News

Modi all set for Japan, China visits

By travelling to both Tokyo and Tianjin within the span of a week, Modi is set to balance strategic partnerships with Japan and cautious engagement with China – two relationships that will

Canada to lift counter-tariffs on US goods

Canadian Prime Minister Mark Carney has announced that Ottawa will remove its counter-tariffs on US goods covered under the Canada-US-Mexico Agreement (CUSMA), beginning 1 September. The move marks a partial easing of
Go toTop

Don't Miss

RAK Ruler receives U.S. Consul-General

Sheikh Saud hailed ties binding the UAE and the U.S.

UAE Embassy in Paris hosts 10th edition of Majlon

On this occasion, Hend Al Otaiba said, “By choosing to