Thailand and EFTA Establish Historic First Free Trade Agreement

Thailand signed a landmark Free Trade Agreement with the European Free Trade Association, enhancing global trade prospects and providing tariff-free access for Norwegian exports, particularly seafood.

Thailand has signed a landmark Free Trade Agreement (FTA) with the European Free Trade Association (EFTA), including Norway, Iceland, Switzerland, and Liechtenstein. This agreement, finalized on January 23 at the World Economic Forum in Davos, is Thailand’s first with European nations and aims to strengthen its global trade relations while benefiting EFTA countries.

Norwegian Trade and Industry Minister Cecilie Myrseth praised the FTA as a vital breakthrough for Norwegian businesses, allowing almost all exports to Thailand to achieve zero tariffs. This deal enhances the competitiveness of Norwegian goods, especially seafood, in Thailand’s growing market.

The FTA also emphasizes sustainability, with a focus on addressing environmental and social concerns alongside economic growth. A report from the London School of Economics highlighted potential challenges but suggested that the agreement would foster trade and investment while ensuring robust provisions for sustainability and monitoring.

Source : Thailand and EFTA Sign First-Ever Free Trade Agreement

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