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The UAE and Thailand have agreed to start negotiations to establish a Comprehensive Economic Partnership Agreement (Cepa) between the two countries, with the first round of negotiations to begin in the UAE on May 16.
The UAE-Thailand Cepa will build on fast-growing non-oil trade between the two countries, which is up 21% to $6.1 billion in 2022.
To this end, Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Jurin Laksanawisit, Deputy Prime Minister and Minister of Commerce of Thailand, signed a joint statement.
growth agenda
Dr. Al Zeyoudi said these negotiations represented another important step in the UAE’s growth agenda and underscored its role as a key enabler of global trade.
Al Zeyoudi highlighted the growing relationship between the UAE and Thailand, noting that the negotiations are a natural progression following the establishment of the first UAE-Thailand Business Council in February 2023.
He added: “Thailand is an increasingly important trade and investment partner for the UAE and a high-growth economy at the heart of an exciting, rapidly emerging region. Our bilateral trade has grown strongly in recent years and we believe in the Comprehensive Economic Partnership Agreement There will be substantial opportunities in areas such as tourism, food safety, IT, logistics and financial services. These negotiations represent another important step in our growth agenda and underscore our role as a key enabler of global trade.”
tourism
Thailand’s economy, Southeast Asia’s second-largest, is expected to grow 3.8% in 2023, helped by a rebound in the country’s vital tourism industry. It also has a well-developed service industry, which accounts for 58.3% of the country’s GDP.
The UAE’s main exports to Thailand are vinyl polymers, gold, plant residues, vehicles and parts, and batteries, as well as emerging industries such as steel and cosmetics. On the other hand, Thailand’s major exports include office machinery and parts, motor vehicle parts, tires and aluminum plating.
The Cepa talks with Thailand are the latest development under the UAE’s ambitious foreign trade agenda, which aims to double its foreign trade and national economy by 2031.
The country has so far signed four Cepas with India, Israel, Indonesia and Turkey, with the first two already in force and the other two agreements to be signed later. The country is currently negotiating with more strategically important markets at regional and global levels to establish similar agreements. — trade arab news agency
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