Interview: EFTA countries have higher hopes for free business deal with Thailand
Thailand and Euro Free Trade Association (EFTA) are upgrading efforts to forge a Free Trade Agreement (FTA).
A parliamentary committee of the EFTA brought by Ingibjörg Ólöf Isaksen visited Asia from Sept 5–9, after the first round of Thai-EFTA free of charge trade agreement conferences resumed in Bangkok in June.
The EFTA, on the other hand, will web host the next round associated with bilateral meetings through Oct 31–Nov four in Geneva, Switzerland.
In an email interview along with Bangkok Post, Ms Isaksen stated the FTA along with Thailand and EFTA would not only help to improve economic ties between two parties yet would also develop sustainable growth.
EFTA comprises Iceland, Liechtenstein, Norwegian and Switzerland. It is an international organisation set up to promote trade and economic integration in between its four member states.
“The association also aims at opening brand new markets globally by concluding a trade agreement with important countries around the world, like Thailand, ” she said.
What are the EFTA?
The EFTA are all western European countries, but they are not users of the European Union (EU). They have independent business policies and join forces to conclude trade contracts and open brand new markets worldwide.
Ms Isaksen said EFTA strategies cover various places such as trade in goods, trade in services, e-commerce, intellectual property, government purchase, trade and lasting development.
“The EFTA furthermore strives to include dependable provisions in trade and sustainable advancement to make sure the contract will be in line with sustainability, with the decarbonisation of the economy, the eco friendly management of organic resources and ensure how the rights of employees are respected, ” she added.
When requested why EFTA has been interested in free business negotiations with Thailand, she said EFTA countries were little and export-oriented financial systems with strong and diversified economies; nevertheless , they had relatively limited internal markets.
“It is essential to open up new markets to resource raw materials or elements abroad and expand export opportunities all around the globe, ” the girl added.
The FTA would certainly bring people within Europe and Thailand closer via business as many citizens through EFTA countries now live in Thailand and lots of Thais live in EFTA countries. The FTA will see more tourist visits between the two parties.
Apart from that, EFTA nations were among the best investors in Thailand. An FTA would help create job opportunities among Thais, she said.
At the same time, because EFTA countries had been at the forefront of green technology, both parties could exchange knowledge and best practices to help Thailand overcome current challenges associated with energy and global warming issues.
“Trade is important because it brings individuals close together, and a business agreement will help foster these links, ” she added.
Trade worth
The particular trade volume among EFTA countries plus Thailand is worth €2. 846 billion (about 105 billion baht). It consists of imports from Thailand associated with €1. 696 billion dollars and €1. 150 billion worth of goods and services that EFTA countries foreign trade to Thailand.
No information were available on what level trade could reach once a deal was complete.
“We possess heard that within Thailand there is an aspirations to agree in two years’ time. It would be the first contract that Thailand has concluded with a Western country and all sides are working to reach this goal, ” the girl said.
“The global problems you mention only increase the determination of both Thailand and EFTA to conclude a free trade agreement. Asia and EFTA nations are export-orientated, properly integrated into global industry.
“The two sides think that international cooperation is the greatest strategy to address difficulties that cannot be resolved acting alone. A trade agreement enables us to further shift sourcing and exports and ultimately make our economies a lot more resilient, ” the girl added.
Mutual benefits had been the main concern in reaching a balanced agreement that meets each sides’ needs.
“Looking on the close ties plus friendship that we have set up in Thailand, We are more than optimistic that people will reach that goal together, inch Ms Isaksen said.