Thailand, UAE Resume Trade Deal Negotiations
Thailand and the United Arab Emirates have resumed negotiations on a comprehensive trade agreement that's over 80 percent complete, with officials expecting to finalize the deal soon after resolving remaining sensitive issues.
Deputy Prime Minister and Commerce Minister Suphajee Suthummaphan disclosed that Thailand and the United Arab Emirates have agreed to resume CEPA negotiations after the fourth round of talks concluded in September 2023 without resolving all outstanding issues, despite the negotiations reaching over 80 percent completion.
"Previously problematic areas have now been resolved by both sides, so we will return to negotiate the remaining sections," Suthummaphan said. "This will enable both countries to benefit from the agreement in building trade, investment, and various forms of cooperation as quickly as possible."
Thailand and the UAE formally announced the opening of CEPA negotiations via video conference on May 9, 2023, and have held four rounds of talks, with the most recent occurring September 26-28, 2023. Nearly all negotiating points have been concluded, with only certain sensitive items and goods remaining—issues that could affect Thai businesses if fully liberalized to the UAE. Both sides are engaged in intensive discussions to reach a mutually beneficial resolution, with closure expected in the near term.
Once implemented, the CEPA is projected to boost Thailand's gross domestic product by 318-357 million US dollars and increase exports by 190-243 million dollars. Key Thai exports expected to rise include food products, textiles and apparel, leather goods, timber, rubber, plastics, chemicals, electrical appliances and electronics, and vehicles and auto parts. Service sectors anticipated to see increased transactions include transport, finance, and business services.
