Celebrating 20 Years of Thai-Austrian FTA Success: Strengthening Economic Cooperation
The Thai-Austrian Free Trade Agreement (FTA), known as TAFTA, has been a cornerstone of economic cooperation between Thailand and Austria for the past two decades. Recently, Sutthasit Chomkilin, Deputy Minister of Commerce, highlighted the success of the agreement during the first Economic Strategy Meeting with Tim Air, Assistant Minister for Trade of Austria. The meeting, held on September 23, 2567 in Bangkok, emphasized the unprecedented value of trade between Thailand and Austria, paving the way for further expansion and investment opportunities.
Both parties expressed their commitment to enhancing trade relations and adapting to new trends in commerce, such as digital trade and environmental sustainability. Sutthasit emphasized the importance of collaboration between Thailand and Austria in various sectors, including agriculture, soft power promotion, digital economy development, healthcare, tourism promotion, automotive industry advancement, and green hydrogen energy cooperation. These initiatives align with the government’s trade policy goals, as outlined by Pichai Naripthaphan, Minister of Commerce, focusing on expanding trade and investment with trading partners, accelerating FTA negotiations, and empowering Thai entrepreneurs.
Driving Trade Growth and Investment Opportunities
Sutthasit further mentioned Thailand’s efforts to collaborate with Austria in reducing trade barriers and facilitating smoother trade processes. This includes exchanging regulatory information, rules, and standards for Thai agricultural exports to Austria. Additionally, Thailand proposed that Austria consider gradual measures for importing greenhouse gas emissions from Thai vehicles to allow the automotive industry time to adjust and mitigate any negative impact on Thai exports in the sector.
The longstanding relationship between Austria and Thailand, spanning over 70 years, has seen significant cooperation in various fields, including education and renewable energy investments in the Eastern Economic Corridor (EEC). Both countries are major exporters of agricultural products, leading to discussions on agricultural promotion within the World Trade Organization (WTO) framework.
Regarding the Thai-Austrian FTA, or TAFTA, Sutthasit highlighted its crucial role in increasing bilateral trade by nearly 200% and its potential for further growth in the future. Both Thailand and Austria are committed to supporting ongoing initiatives to enhance trade cooperation, celebrating the 20th anniversary of the Thai-Austrian FTA on January 1, 2568.
Trade Performance and Key Exports
In the first seven months of 2567 (January to July), trade between Thailand and Austria reached a total value of 10,827.25 million US dollars. Thailand’s exports to Austria amounted to 7,234.23 million US dollars, marking a 10.07% increase compared to the same period in the previous year. Key export products included automobiles, air conditioning equipment, computer components, while imports from Austria comprised natural gas, crude oil, and agricultural products.
The successful trade relationship between Thailand and Austria demonstrates the mutual benefits of the FTA, fostering economic growth and cooperation between the two nations. As both countries continue to strengthen their trade ties and explore new opportunities for collaboration, the future looks promising for further advancements in commerce and investment between Thailand and Austria.