Saudi Arabia provides agreed to help Thailand push for a totally free trade agreement (FTA) with members from the Gulf Cooperation Council, according to Commerce Ressortchef (umgangssprachlich) Jurin Laksanawisit yesterday.
Speaking after a meeting with Saudi Arabia’s Minister associated with Commerce Majid bin Abdullah al-Kassabi within Riyadh, Mr Jurin said Saudi Arabia has accepted all proposals floated simply by Thailand to reinforce the kingdom’s trade partnerships with the Gulf region.
Riyadh has also decided to push for an FTA between Thailand as well as the GCC, which comprises Saudi Arabia, Bahrain, Oman, the Usa Arab Emirates, Qatar and Kuwait, he said.
The deal is the very first concrete step toward bringing to life the plans for much deeper economic relations among Thailand and the Middle Eastern bloc.
Other plans agreed in the dialogue included the business of a Joint Industry Committee (JTC) plus a Thai-Saudi business authorities, as well as plans to expedite the halal certification of 28 food export industrial facilities, he said.
He stated the Thai Division of Trade Negotiations and its Saudi Arabian counterpart will start talks on the JTC before signing the memorandum of assistance (MoC) on the issue.
Saudi Arabia also agreed to streamline visa rules for Thai companies in order to promote business and investment, said Mr Jurin.
“All of these are tangible accomplishments which will further boost trade and investments between Thailand and Saudi Arabia, ” he said.
Mr Jurin is currently leading a trade delegation on vacation to Saudi Persia until Sept 3, which includes state authorities and 138 businesspeople involved in the food, auto parts, air-conditioning, furniture and construction sectors.
Saudi Arabia is Thailand’s 29th largest foreign trade market. In the initial six months of this year, trade between Asia and Saudi Arabia amounted to 152. 6 billion baht, up 52% through the same period this past year.