Commerce Ministry pushes forward Thailand-Shenzhen Mini FTA

BANGKOK (NNT) – The Ministry of Commerce is aimed to further expand export growth through international business cooperation, especially in Chinese markets. The ministry is hoping to soon start a negotiation for a Mini FTA between Thailand and Shenzhen, China, following the opening of the city’s official trade office in Bangkok.

Deputy Prime Minister and Minister of Commerce Jurin Laksanawisit officiated the opening of the official economic cooperation and trade promotion of Shenzhen in Thailand, and the trade negotiation and exposition center for Shenzhen business persons.

The trade office provides a venue for Thai business owners to conduct business negotiations with their Chinese counterparts via video meetings.

These two facilities were opened with the goal to promote trading between Thailand and this special economic zone of China, which shares the third biggest GDP in China, and houses the world’s 4th biggest seaport.

Shenzhen currently serves as one of the main gateways for Thai fruits to enter the Chinese markets, and could potentially be a place for Thai businesses to gain technological know-how for the agricultural, food, and automotive industries.

On this occasion, the minister ordered Thai officials to start negotiating a Mini Free Trade Area (Mini FTA) scheme between Thailand and Shenzhen, similar to the one established between Thailand and Hainan, China in September.

The trade value between Thailand and Shenzhen from January through October this year was recorded at 57 billion baht, with the overall Thailand-China trade value from the same period having seen a 31.95% growth year-on-year, with the total amount recorded at 2.68 trillion baht.