Thailand Continues to Benefit from Free Trade Agreements
Thailand, a Southeast Asian country, has emerged as an important player in the global economy over the years. The country has witnessed remarkable economic growth, thanks to its open economic policies and the free trade agreements it has signed with various countries.
One of the most significant free trade agreements that Thailand has signed is the Thai-Australia Free Trade Agreement (TAFTA). The agreement was signed in July 2004, and it has been instrumental in boosting trade between the two countries.
Since the implementation of TAFTA, bilateral trade between Thailand and Australia has increased significantly. Between 2004 and 2019, the two countries’ total trade increased from AUD 11.1 billion to AUD 22.8 billion.
The agreement has enabled Thailand to expand its export base and enter new markets. Thai exports to Australia have increased significantly, with major exports including cars, car parts, and electronic items.
The Thai-Australia Free Trade Agreement is not the only agreement that Thailand has signed. The country has signed several other free trade agreements over the years, including the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), the Japan-Thailand Economic Partnership Agreement (JTEPA), and the Thailand-US Free Trade Agreement (TUSFTA).
These agreements have enabled Thailand to expand its trade relations with other countries, increase its export earnings, and promote economic growth. The agreements have also encouraged foreign investment in the country, which has further boosted its economy.
Besides increasing trade, the free trade agreements have also helped to improve Thailand’s business environment. The agreements have facilitated the transfer of technology and knowledge, which has helped to improve the country’s productivity and competitiveness.
In addition, the agreements have also helped to reduce the cost of imports, making goods affordable for consumers. This, in turn, has helped to improve the standard of living for the people of Thailand.
As Thailand continues to benefit from the free trade agreements it has signed, the country is expected to continue its remarkable economic growth. The agreements have helped to secure its position as a key player in the global economy, and it is expected that Thailand will continue to expand its trade relations with other countries in the coming years.