Thailand Turkey Free Trade Agreement

By October 11, 2021 No Comments

it also adapts to the wide range of agreements and negotiates new generation free trade agreements with potential partners. This page lists the free trade agreements signed by Turkey. [1] In 1995, Turkey signed a customs union with the European Union for products other than agricultural products and services. Since 2018, the EU has been Turkey`s main trading partner, with 50% of its exports and 36% of its imports. [2] “We hope to be able to conclude the talks by next year and sign the free trade agreement that will cover goods. The two countries are cooperating to further strengthen and improve these [bilateral] relations in all potential areas,” she told daily Sabah. In the first 10 months of this year, Thailand`s trade with 17 partners with whom it has free trade agreements amounted to $241 billion, with $118 billion in exports and imports of $123 billion. Thailand and Turkey have had bilateral relations for 61 years, but are now focusing on a free trade agreement (FTA), Thailand`s ambassador said on Thursday. He said the free trade agreement would increase the existing trade volume by $1.5 billion.

Auramon Supthaweethum, director general of the trade negotiations division, unveiled the negotiating plan for 2020 and highlighted six frameworks to open new markets and remove trade barriers for Thai products and services. What does this mean for trade between the two nations and why is it important to them? Here, we will take a closer look at the possible agreement and its implications. It is expected that an RCEP meeting will be held in the first or second quarter at the ministerial level to monitor progress, while seminars will be held simultaneously in Bangkok and in provinces in four regions of the country to explain the trade deal, Auramon said. It will also insist that ASEAN free trade agreements be revised with China, India, South Korea and Australia-New Zealand to open their markets to a wider range of Thai products. According to the ambassador, the signing of an agreement could increase trade between the two nations by 40%. Thailand and Turkey want a free trade agreement as early as next year, but what`s the matter for both of them? “If the two countries are able to forge a free trade agreement, it will greatly benefit Thailand`s trade and investment as Bangladesh is one of the 57 member countries of the Organization of Islamic Cooperation (OIC),” she said. Bangladesh is Thailand`s third largest trading partner in South Asia, behind India and Pakistan. The cabinet also approved a proposal by the Ministry of Commerce to sign a free trade agreement with Turkey later this year, Rachada said.

The EU has already signed free trade agreements with Singapore and Vietnam and is in talks for an agreement with Indonesia. It suspended talks with Thailand, Malaysia and the Philippines. Talks with Thailand began in 2013, but were suspended in 2014 following the military coup. .