Bangkok (VNA) – Thailand’s Ministry of Commerce has pledged to pursue more free trade agreements (FTAs) in 2025 in an effort to boost the country's economic growth rate to 3%.
Following a meeting between ministry officials and executives of the Federation of Thai Industries (FTI), Thai Minister of Commerce Pichai Naripthaphan said that Thai Prime Minister Paetongtarn Shinawatra wants the private sector to be the key driver of sustainable economic growth, so she instructed the government to foster closer cooperation with the sector.
He said that the ministry will continue to dedicate its efforts to collaborating with the private sector to ensure rapid economic growth. The country will soon wrap up negotiations for a European Free Trade Agreement, which will give Thailand more access to markets in Switzerland, Norway, Iceland, and Liechtenstein. This will be Thailand's first FTA with Europe, and other FTAs will follow to boost competitiveness and attract foreign investment, he said.
The ministry will also support the FTI EXPO 2025, an annual event organised by the FTI, he said, adding in 2025, the event will be held with the theme Empowering Thai Industry, Elevating Thailand's Future from February 12-15 at the Queen Sirikit National Convention Centre, Bangkok.
The ministry’s statistics showed said the country's exports grew by 5.1% in the first 11 months of 2024, totalling 9.69 trillion THB (275.76 billion USD). The number was projected to surpass 10 trillion THB by year-end, the highest on record.
ꦇ The ministry aims for a growth rate of 2-3% in 2025 despite global risks, leveraging strong government-private sector cooperation to achieve this target.
Meanwhile, FTI Chairman Kriengkrai Thiennukul praised the ministry's efforts, saying that the FTI will continue to support businesses in making the most of the FTAs./.
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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.
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