BANGKOK, Nov 19 (TNA) – Thailand and the Eurasian Economic
Union (EAEU) sign a cooperation agreement paving the way for free trade
agreement negotiation.
The idea of establishing a Thai-EAEU free trade agreement
first came out in 2016, when Thai Prime Minister Prayut Chan-o-cha visited
Russia.
Ahead of a signing ceremony scheduled for Monday afternoon,
Thai Commerce Minister Sontirat Sontijirawong said he and Tatyana Valovaya,
Minister in charge of the Development of Integration and Macroeconomics of the
Eurasian Economic Commission, will sign Memorandum of Understanding that laid
out closer trade and investment cooperation.
“The MoU will broaden economic ties and lay foundation for
future free trade negotiation between Thailand and the EAEU,” he said.
Thailand hopes to triple trade value with EAEU from US$3
billion to US$10 billion by 2020, according to Sontirat.
Thailand and the custom union comprising of Russia,
Kazakhstan, Belarus, Armenia and Kyrgyzstan plan to begin talks on an FTA soon,
according to Thai officials, in the hope to attract new investment and spur
trade.
Thailand viewed the EAEU as a dynamic group of emerging
economies that could potentially boost inbound investment and technology
transfer, said Sontirat.
In 2017, EAEU members had US$376 million worth of investment
projects in Thailand. (TNA)
