Thailand, Australia strengthen strategic economic cooperation
A Thailand-Australia Strategic Economic Dialogue took place in Bangkok on September 23, during which the two sides discussed in-depth investment and trade opportunities.
Delegates attending the Thailand-Australia Strategic Economic Dialogue (Photo: nationthailand.com)
Bangkok (VNA) – A Thailand-Australia Strategic Economic Dialogue took place in Bangkok on September 23, during which the two sides discussed in-depth investment and trade opportunities.
It saw the presence of Australia’s assistant Minister for Trade Tim Ayres and Thailand’s Deputy Commerce Minister Suchat Chomklin, and representatives from the business sectors of both nations.
Thailand and Australia marked the 20th anniversary of the Thailand-Australia Free Trade Agreement (TAFTA) by discussing potential investment and trade opportunities, along with strategies to enhance their strategic economic partnership.
Ayres noted that since the signing of the TAFTA, the two countries have entered the top 10 of trading and investment partners. He cited data from the UN Comtrade Database for 2022 as saying that Thailand exported goods worth 12.6 billion USD to Australia, while Australia’s exports to Thailand totalled 7 billion USD.
The TAFTA has significantly reduced tariffs on Thai goods, thereby creating new export opportunities for Australian businesses.
As the agreement reaches its 20th year, Ayres emphasised that further bilateral trade and investment can be anticipated as both economies adapt to evolving regional economic conditions.
He also expres🔥sed optimism about advancing cle🦩an energy initiatives and deepening strategic economic cooperation./.
Thai Prime Minister Srettha Thavisin has met with leaders and representatives of enterprises of Australia and leaders of ASEAN member states at the ongoing 2024 ASEAN-Australia Special Summit in Melbourne to boost investment cooperation of Thailand with Australia and other countries in the region.
Thailand and Australia have agreed to consider the possibility of introducing a mutual visa exemption scheme for travel and business activities between the people of both nations.
An Indonesian official emphasised that energy security is extremely essential amid global geopolitical and economic fragmentation, highlighting the need for the energy industry to strengthen resilience and responsiveness in the face of fluctuating oil prices and the shift to clean energy.
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The pact covers goods, services, investments, intellectual property rights, customs facilitation, competition policy, sanitary and phytosanitary, trade and sustainable development, government procurement and economic cooperation.
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Ambassadors, Consuls General, along with staff and their families, joined traditional sports and cultural activities of Southeast Asia and performances bearing regional identity, thus contributing to strengthening unity and the ASEAN community spirit in New York.
In his post on social media the same day, Hun Manet said energy companies would be able to import sufficiently from other sources to meet domestic fuel and gas demands in the country.
The forum, which involves global experts and creative leaders from across 14 cultural sectors, aims to expand Thailand’s presence on the world stage through innovation and cultural exchange.
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Several ASEAN meetings are scheduled to take place in Port Dickson this September, including the Senior Officials' Meeting (SOM) for ASEAN Plus Three (APT), the East Asia Summit (EAS), the 15th ASEAN Maritime Forum, and the 13th Expanded ASEAN Maritime Forum.
