Illustrative image (Photo source: Bangkok Post)

Bangkok – Thailand and the EU have agreed to pursue free trade agreement (FTA) negotiations in the first quarter this year, after nearly a decade of stagnation.

Commerce Minister of Thailand Jurin Laksanawisit made the statement following a meeting in Brussels with the EU Trade Commissioner Valdis Dombrovskis.

Dombrovskis wrote on Twitter that both sides want a comprehensive, high-quality agreement, with ambitious and sustainable provisions.

The EU is now Thailand's fifth largest trade partner, behind ASEAN, China, the US and Japan. Two-way trade hit 41 billion USD last year, of which, Thailand’s exports to the EU totaled 22.8 billion USD, mostly computers, equipment and spare parts; gemstones and jewelries, air conditioners and components, rubber products and electronic circuit boards.

Thailand currently has 14 FTAs with 18 countries, including the Regional Comprehensive Economic Partnership (RCEP) that came into effect early last year. On December 15, 2022, the two sides signed the Thailand-EU Partnership and Cooperation Agreement (PCA) to promote bilateral cooperation.