Thailand, Bangladesh likely to conclude FTA over 1-2 years

BANGLADESH, May 3 (TNA) - Thailand and Bangladesh are expected to conclude a bilateral free trade agreement (FTA) over the next couple of years. Minister Attached to the Prime Minister's Office Kobsak Pootrakool, who is leading a Thai delegation to visit Bangladesh during May 1-4, told TNA on May 2 that he supports the signing of a memorandum of understanding (MOU) between the Thai and Bangladeshi governments, which will pave the way for official negotiations and the conclusion of the new FTA between Bangkok and Dhaka in the near future. Kobsak, who oversees the Board of Investment of Thailand (BOI), said he believed that the Thai and Bangladeshi governments could conclude the new bilateral FTA over the next 1-2 years, as he will propose the target to Thai Prime Minister General Prayut Chan-ocha when he returns to Bangkok. The minister pointed out that the new Thailand-Bangladesh FTA, if concluded, will become a key strategic platform widely connecting the Thai economy with other Asian economies, including those in other South Asian neighboring countries of Bangladesh, those in other neighboring countries of Thailand in the ASEAN Economic Community (AEC), as well as China and even Australia and New Zealand, in which there are more than 800 million consumers totally. Besides, the new Thailand-Bangladesh FTA, if concluded with the expanding regional connectivity, will enhance bargaining power of Bangkok and Dhaka with major world economic powers in the future. According to the Thai minister, the Bangladeshi economy has been growing steadily with many comparative advantages, namely its huge population of over 160 million, expanding domestic consumption and mega-infrastructure investment projects, as well as robust garment and textile industry. Accompanied by new BOI Secretary-General Duangjai Asawachintachit and representatives of the private sector, the Thai minister is also scheduled to meet with executives of the Bangladesh Economic Zones Authority (BEZA), as well as Thai and Bangladeshi business operators during his visit to Dhaka, aimed to explore more trade and investment opportunities for Thailand in the South Asian country. (TNA)