Thailand and Pakistan expected to sign FTA by end of this year

Thailand’s Ambassador Suchart Liengsaengthong disclosed at a meeting with Lahore Chamber of Commerce and Industry (LCCI) Vice President Nasir Saeed at the chamber on Monday that the two countries, Thailand and Pakistan are in the midst of talks on a Free Trade Agreement (FTA) which is expected to be signed by the end of this year.

The ambassador said that after signing of the FTA between the two countries trade would flourish. Such tools were important in today’s world because they would bring down the cost of doing business and remove non-tariff barriers. He noted that the SouthEast Asian nation is already investing in Pakistan and more Thai companies are keen to start their operations in the Asian country.

Also a high level business delegation from Thailand would be visiting Pakistan in the first week of August. The delegation would have people from various sectors.

He invited the LCCI to take a trade delegation to Thailand to explore trade, investment and joint venture opportunities there. He said that textile and tourism sectors of Pakistan were vibrant and that Pakistan could learn a lot from Thailand in the tourism sector.

Although Pakistan faces unfavourable balance of trade with Thailand, consistent rise in bilateral trade is considered a positive sign. Thailand is 34th among the top exporting countries for Pakistan, while it ranks 12th among the top importing countries.

From 2013 to 2015 the bilateral trade increased from $833 million to$ 973 million. This expansion was largely caused by a considerable change in imports, which swelled from $716 million to $853 million. However, Pakistan’s exports could only scale up from $117 million to $120 million in this period.

The two countries established diplomatic ties back in 1951 and both countries enjoyed steady economic and trade relations.

Recent Posts

Indorama Ventures partners for commercial-scale bio-PET bottles

Indorama Ventures has teamed up with Suntory, Iwatani, and others to introduce the first commercial-scale bio-PET bottle, made from certified…

15 hours ago

Milliken & Company launches innovative moisture barrier

Milliken & Company has introduced Milliken Assure, first flame-resistant moisture barrier for firefighter turnout gear that is free from PFAS…

15 hours ago

Paradise Textiles, Kintra Fibers launch bio-synthetic material garment

Paradise Textiles has collaborated with Kintra Fibers, a leader in bio-based fibers, to produce the first garment made from Kintra’s…

15 hours ago

Swisstulle advances dyeing efficiency with JigMaster

Swisstulle adopted JigMaster for its dyeing and finishing operations, especially for high-quality technical textiles used in fashion and automotive industries.

6 days ago

Birla Cellulose and Circ partner to scale textile recycling

Birla Cellulose, a leader under the Aditya Birla Group, has announced a long-term partnership with Circ, a U.S.-based textile recycling…

6 days ago

CARBIOS unveils enzymatically recycled polyester t-shirt

CARBIOS has collaborated with leading brands Patagonia, PUMA, Salomon etc. to create a groundbreaking polyester garment made entirely from textile…

6 days ago