Cabinet OKs framework for Thailand-EU FTA

BANGKOK, December 5 (TNA) - The Thai Cabinet has initially approved a negotiation framework for a free trade agreement between Thailand and the European Union. Government Spokesman Tossaporn Serirak says the proposal will be examined by the government’s legal advisor and State Council, before it goes to Parliament. The Thailand-EU FTA is believed necessary before Thailand drops from the EU’s GSP trade scheme in 2014, when duties on Thai exports will go up by more than 3.5 percent. In 2011, Thailand has enjoyed nearly Bt300 billion from exports to the EU, consisting of automobiles, electronics and processed seafood. The EU has been negotiating for free trade with Malaysia, Singapore and Vietnam. When completed, these Southeast Asian countries will pay zero percent tariffs for exports to the EU. (TNA)