Local media quoted Thai Deputy Prime
Minister Somkid Jatusripitak as saying that the Commerce Ministry’s Trade
Negotiations Department will prepare a proposal once a study on the pros and
cons of the CPTPP impact is complete.
The study by Bolliger & Company Thailand, which was hired by the department, found participation in the CPTPP would boost Thailand’s GDP by 0.12 percentage points in revenue a year.
Somkid said if the Thai cabinet approves the proposal by the ministry, Thailand will submit a formal request to join the pact, possibly sometime ahead of CPTPP members’ meeting in August.
The CPTPP is a trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The Thai Deputy PM said the International Economic Policy Committee has assigned trade negotiators to accelerate a free trade agreement (FTA) with the European Union (EU).
The department has been speeding up studies of opportunities and challenges in reviving long-delayed trade talks between Thailand and the EU after the European Council made a statement that it aims to resume FTA negotiations with Thailand.
The EU is Thailand’s fourth-largest trading partner in the world and forms the fourth largest investment segment domestically./.