Thai deputy government spokeswoman Rachada Dhanadirek. (Photo: The Nation)
Bangkok (VNA) – Thailand andBangladesh will kick off talks to establish a free trade agreement (FTA) duringtheir 5th Joint Trade Committee (JTC) meeting next week.
The two countries will begin negotiations toreduce trade barriers at the January 8 – 9 meeting in Bangkok, deputy government spokeswoman RachadaDhanadirek said shortly after the Thai cabinet approved the Ministry of Commerce’s proposal to host the 5th JTCmeeting.
The two countries have alreadyconducted a joint feasibility study on the FTA, Rachada added.
If the two sides are able to seal an FTA, it will greatly benefitThailand's trade and investment because Bangladesh is one of 57 countries thatare members of the Organisation of Islamic Cooperation (OIC). Bangladesh is Thailand'sthird-largest trade partner in South Asia, behind India and Pakistan.
The Thai cabinet has also approved the Ministryof Commerce’s proposal to sign an FTA with Turkey this year, Rachada said.
Thailand looks to improve FTAs under the ASEAN framework in 2020, aiming toextend tariff cuts to cover more products, particularly sensitive items.
ASEAN has FTAs with Australia, New Zealand, China, India, Japan, the Republic of Korea, and Hong Kong (China).The grouping is in the process of negotiating the Regional ComprehensiveEconomic Partnership (RCEP) with partners.
On a bilateral basis, Thailand has 12FTAs in place, with 17 trading partners.
In the first 10 months of last year, Thailand's trade value withall 17 FTA partners amounted to 241 billion USD, with exports worth 118 billion USD and imports 123 billion USD.
The trading partners that generatedthe highest trade value for Thailand were ASEAN (90.7 billion USD), China (65.2 billion USD), Japan (47.7 billion USD), Australia (12.2 billion USD) and the RoK (11.3 billion USD)./.
Thailand began the year with a ban on single-use plastic bags at major stores, continuing a campaign launched by the government and retailers towards a complete ban in 2021 to reduce waste and debris discharged into the sea.
Due to global weak demand and ongoing trade tensions, State investment in big-ticket infrastructure projects and the government's Eastern Economic Corridor (EEC) flagship appears to be one of the few lifelines that Thailand can bank on to maintain economic growth momentum in 2020.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
Thai deputy government spokeswoman Rachada Dhanadirek. (Photo: The Nation)
