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Thailand: Riyadh to help seal Gulf free trade deals
Saudi Arabia has agreed to help Thailand push for a free trade agreement (FTA) with members of the Gulf Cooperation Council, according to Commerce Minister Jurin Laksanawisit on Monday.
Speaking after a meeting with Saudi Arabia’s Minister of Commerce Majid bin Abdullah al-Kassabi in Riyadh, Mr Jurin said Saudi Arabia has accepted all proposals floated by Thailand to strengthen the kingdom’s trade partnerships with the Gulf region.
Riyadh has also agreed to push for an FTA between Thailand and the GCC, which comprises Saudi Arabia, Bahrain, Oman, the United Arab Emirates, Qatar and Kuwait, he said.
The deal is the first concrete step towards bringing to life the plans for deeper economic relations between Thailand and the Middle Eastern bloc.
Other proposals agreed in the discussion included the establishment of a Joint Trade Committee (JTC) and a Thai-Saudi business council, as well as plans to expedite the halal certification of 28 food export factories, he said.
He said the Thai Department of Trade Negotiations and its Saudi Arabian counterpart will launch talks on the JTC before signing a memorandum of cooperation (MoC) on the issue.
Saudi Arabia also agreed to streamline visa regulations for Thai businesses in order to promote trade and investment, said Mr Jurin.
“All of these are tangible achievements which will further increase trade and investments between Thailand and Saudi Arabia,” he said.
Mr Jurin is currently leading a trade delegation on a trip to Saudi Arabia until Sept 3, which includes state officials and 138 businesspeople involved in the food, auto parts, air-conditioning, furniture and construction industries.
Saudi Arabia is Thailand’s 29th largest export market. In the first six months of this year, trade between Thailand and Saudi Arabia amounted to 152.6 billion baht, up 52% from the same period last year.
Source: https://www.bangkokpost.com/business/2379626/riyadh-to-help-seal-gulf-free-trade-deals