UAE-Thailand economic agreement to strengthen bilateral trade, says envoy

Bilateral trade between the UAE and Thailand reached $11.1 billion in the first seven months of 2023. Shutterstock
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Updated 28 September 2023
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UAE-Thailand economic agreement to strengthen bilateral trade, says envoy

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. 


Saudi carrier flynas starts direct Jeddah–Moscow flights  

Updated 11 sec ago
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Saudi carrier flynas starts direct Jeddah–Moscow flights  

RIYADH: Saudi Arabia’s low-cost airline flynas has launched direct flights between Jeddah and Moscow, expanding air links between the Kingdom and Russia as Saudi carriers add international capacity to support tourism growth. 

The service, which began on Dec. 23, will operate three times a week between King Abdulaziz International Airport and Vnukovo International Airport, flynas said in a statement. The airline becomes the first Saudi carrier to operate scheduled flights on the Jeddah–Moscow route. 

The move aligns with the airline’s growth and expansion plan and supports the Kingdom’s national objectives for the tourism and aviation sectors. 

Strengthening tourism and aviation is a key pillar of the Vision 2030 program, as Saudi Arabia continues efforts to diversify its economy and reduce reliance on oil revenues. 

Having already surpassed its initial target of attracting 100 million visitors ahead of schedule, Saudi Arabia’s National Tourism Strategy now aims to draw 150 million travelers by the end of the decade. 

“The inauguration ceremonies for the new route were held at King Abdulaziz International Airport in Jeddah and Vnukovo International Airport in Moscow, where passengers on the inaugural flight were welcomed with commemorative gifts,” said flynas. 

The Jeddah–Moscow route is being operated in collaboration with the Saudi Tourism Authority and the Air Connectivity Program, the airline added.  

Launched in 2021, the Air Connectivity Program aims to develop new air routes to support the Kingdom’s tourism sector and aligns with the National Civil Aviation Strategy, which seeks to connect Saudi Arabia with 250 international destinations through national carriers. 

An official reception ceremony was held upon the aircraft’s arrival at Vnukovo International Airport, attended by representatives from the Saudi Embassy in Moscow, flynas, the Russian Tourism Authority, and Vnukovo Airport. 

In August, flynas launched its first regular direct flights between Riyadh and Moscow, operating four weekly services between the two capitals. 

“The airline remains committed to further expanding its destinations and routes to provide more reliable and convenient travel options for its guests, as part of its efforts to strengthen relations between the two countries,” said flynas.  

It added: “This expansion in the Russian aviation market aligns with flynas’ growth and expansion strategy launched under the title We Connect the World to the Kingdom.”