Thailand to pursue FTA with China despite nearly US$30 bn deficit

The two countries have held several rounds of talks since 2019, but have yet to reach an agreement.

The Thai government is hoping that an FTA with China will help reduce the trade deficit and boost trade and investment between the two countries. China is Thailand’s largest trading partner, and the two countries have close economic ties.

However, there are some challenges to a bilateral FTA. China has a much larger economy than Thailand, and it is concerned about losing jobs to Thai businesses. Another challenge is that Thailand is concerned about protecting its domestic industries from Chinese competition.

Despite the challenges, the Thai government is determined to reach an FTA with China. The government believes that an FTA would be beneficial for both countries.

The ASEAN-China Free Trade Agreement data for January-October 2023, updated as of December 25, 2023, reveals that…