Thailand remains steadfast in its adherence to World Trade Organization (WTO) principles.
Thailand is all about maintaining its dedication to international trade under the World Trade Organization (WTO), even in these tumultuous times, as announced by Foreign Affairs Minister Maris Sangiampongsa.
Mr. Maris made it crystal clear during discussions with China's Foreign Minister Wang Yi and Russia's Foreign Minister Sergey Lavrov, on the sidelines of the latest Brics Foreign Ministers' meeting in Brazil. The main topics under debate included the global trade situation, the multilateral trading system, and their impacts on the world. Thailand has consistently stood by the WTO's principles and intends to collaborate with all parties to devise constructive solutions.
In addition to this commitment, Thailand has expressed its readiness to step up its partnership with China and Russia. The talks with China covered a range of issues, including boosting anti-crime efforts, promoting trade and investment, and improving transport as well as regional cooperation through platforms like the Mekong-Lancang Cooperation (MLC).
The discussions with Russia also touched upon expanding tourism collaborations and pursuing a free trade agreement between Thailand and the Eurasian Economic Union (EEU). The EEU, which consists of Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan, accounts for 3.2% of global GDP, providing an opportunity for Thailand to tap into a $2.4 trillion market.
Thailand's participation in the Brics meeting as a partner country was its first official engagement, a move Mr. Maris considered an invaluable opportunity for it to contribute to fostering cooperation among developing nations. The Brics bloc, consisting of Brazil, Russia, India, China, South Africa, United Arab Emirates, Iran, Egypt, and Ethiopia (in addition to the new partner countries), is a group of major emerging economies. Thailand became one of 13 official Brics new partner countries on January 1st.
Thailand's strategy to intensify its economic integration with major Asian economies is evident in its recent collaborations with China and Russia. By advocating for the WTO, bolstering bilateral ties, and participating actively in multilateral frameworks, Thailand is positioning itself as a key player in shaping the global trade landscape.
- Thailand's partnership with China and Russia extends beyond trade, as they also aim to strengthen regional transport cooperation through platforms like the Mekong-Lancang Cooperation.
- Finance and business are not left out of Thailand's strategy, as talks with China also focused on boosting investment and pursuing anti-crime efforts.
- In the realm of finance, Thailand is looking to tap into the $2.4 trillion market of the Eurasian Economic Union (EEU) by pursuing a free trade agreement.
- Thailand's active participation in the Brics meeting as a partner country positions it as a key player in shaping the global trade landscape, especially among developing nations.
