Arab News, Sat, Sep 30, 2023 | Rabi Al-Awwal 15, 1445
UAE-Thailand economic agreement to strengthen bilateral trade, says envoy
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
As of July 2023, Thailand exported goods worth
$1.81 billion to the UAE, while imports from the Arab nation amounted to $9.3
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