BANGKOK — Thailand will make history at this month’s World Economic Forum (WEF) in Davos, Switzerland, as it signs its first-ever free trade agreement with European nations. The Thailand-EFTA Free Trade Agreement, scheduled for January 23, 2025, will connect Thai businesses with four wealthy European markets – Switzerland, Norway, Iceland, and Liechtenstein – while potentially paving the way for broader European Union trade talks.
The landmark deal, which brings Thailand’s total free trade agreements to 16, comes at a time of growing economic ties between the partners. Trade between Thailand and EFTA nations reached 11.46 billion dollars in the first eleven months of 2024, marking a significant 24.94 percent increase from the previous year.
“This modern free trade agreement is comprehensive and goes beyond traditional trade and investment frameworks,” says Poonpong Naiyanapakorn, Director of the Trade Policy and Strategy Office. The agreement incorporates high environmental and sustainability standards, positioning Thailand as a key manufacturing hub in the region.
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January 29, 2025
