RIYADH: Trade and economic relationships between the UAE and Thailand are poised for significant growth as both nations prepare to sign a Comprehensive Economic Partnership Agreement amid ongoing negotiations, according to a senior envoy.
Sorayut Chasombat, ambassador of Thailand to the UAE, stated during a media briefing that the CEPA is expected to contribute $300 million to the country’s gross domestic product.
“We want to be a strong partner of the UAE in this region. We recognize the UAE’s role in this part of the world in promoting peace, stability, and prosperity within the region,” said Chasombat during the briefing at the Royal Thai embassy.
He added: “With the completion of CEPA, it will add at least $300 million to the Thai GDP. It will add at least $250 million to the bilateral trade between the two countries.”
Negotiations for the free trade CEPA between Thailand and the UAE began in May, and the latest round of negotiations, currently taking place in Bangkok, is scheduled to conclude on Sept. 28.
The UAE is Thailand’s sixth-largest trading partner globally and holds the first position in the Middle East. Bilateral trade between the two countries reached $11.1 billion in the first seven months of 2023.
As of July 2023, Thailand exported goods worth $1.81 billion to the UAE, while imports from the Arab nation amounted to $9.3 billion.
Chasombat also affirmed Thailand’s robust participation in COP28, given the country’s commitment to becoming carbon neutral by 2050 and achieving net-zero emissions by 2065.
“Thailand is well known for sustainable development. We plan to have strong participation at the upcoming COP28, next year’s World Government Summit, and the World Trade Organization Ministerial Conference. We would give our utmost support to the UAE,” he noted.
COP28, the UN Climate Change Conference, is scheduled to take place in Dubai from Nov. 30 to Dec. 12 this year.
Highlighting tourism ties, Chasombat disclosed that the UAE is second only to Saudi Arabia in terms of the number of tourists visiting Thailand.
