On March 29, 2024, Mr. Phumtham Wechayachai, Deputy Prime Minister/Minister of Commerce, met Mr. Pierre Jaffre, President of the Thai-European Business Association (TEBA) and leading European Companies from TEBA to discuss how to enhance trade and investment relations between Thailand and Europe, particularly in key industrial and services sectors such as aerospace, including sustainable aviation, automotive, including E-mobility and Electric Vehicles (EV), supply chain, cargo and logistics, and digitalization.
While vowing to deliver world-class innovation, knowhow, and high technology into Thailand through their long-standing investments and business operations in the country, TEBA members advocated for a better market access for European business and expressed strong support for the ongoing Thailand-EU Free Trade Agreement (FTA). They believe that an ambitious, modern, and balanced FTA will not only assist to reduce tariffs and trade barriers, thereby enhancing trade flows, but will also result in major increases in European investment in the nation. This, in turn, will improve the country’s competitiveness, increase local productivity, boost growth and employment, and propel the country’s industrial development.
The group also stressed on the importance of a good level playing field between European players and those from other FTA partners in the country, which is a key to strengthening Thailand’s position as a regional leader in the automotive, aerospace, and other high-tech and innovative industries. Europe has been contributing significantly to Thailand high-tech ecosystems and TEBA members will continue to promote Europe’s domains of excellence in innovation, high technologies, and high-class standards and sustainability. According to the Ministry of Commerce, the EU is Thailand’s second-largest investor and fourth-largest trade partner.
The talks aligned with the policy of the administration of Prime Minister Srettha Thavisin, who wishes to attract more trade and investment flows into Thailand, with an aim to increase the competitiveness of Thai businesses.
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