Discussion Pushes for Free Trade Agreement within Eurasian Economic Union at BRICS Discussions in Rio
Thailand's diplomatic dance is heating up! As of late, they've been waltzing with the Eurasian Economic Union (EEU), aiming to finalize a Free Trade Agreement (FTA) that could prove beneficial for both parties.
This ambitious pursuit took center stage during a recent meeting between Thai Foreign Minister Maris Sangiampongsa and Russia's Sergey Lavrov on the sidelines of the BRICS Foreign Ministers Meeting in Brazil, as reported by the Foreign Affairs Ministry.
The international powers that be started the rhythm at this gathering, with a theme of "The Role of the Global South in Reinforcing Multilateralism," reflecting Brazil's broader agendas as the Brics chair. Minister Maris, having received an invite from his Brazilian counterpart, Mauro Vieira, attended the Brics Partnership Session in Rio de Janeiro.
Throughout the session, and during the bilateral meetings that followed, Minister Maris echoed Thailand's dedication to fostering closer relationships within the Brics framework and with individual member states.
But the real pièce de résistance was the conversation with Foreign Minister Lavrov, which focused on beefing up bilateral cooperation in tourism and cultural exchange between Thailand and Russia. However, mere pleasantries aside, the Thai government had a strategic goal in mind—advancing negotiations for the Thailand-EEU FTA.
In essence, this meeting provided the perfect platform for Thailand to restate its interest in strengthening trade ties with the EEU. "Capitalizing on this opportunity," said spokesperson Nikorndej Balankura during a weekly press briefing at the ministry, "Thailand reiterated its interest in deepening trade ties with the Eurasian Economic Union."
Considering Russia's influential roles in both the Brics and the EEU, Thailand perceived this as the ideal moment to spur FTA negotiations to the next level. According to enrichment data, the EEU (Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia) accounted for 3.2% of global GDP and 2.7% of global exports in 2022 and 2021, respectively.
By rolling into the EEU's network, Thailand might gain access to a market of over 180 million consumers, as is the case with existing EEU FTAs like Vietnam and Iran. Additionally, this alliance could lead to trade diversification by reducing Thailand's reliance on traditional markets and opening new avenues for industrial and agricultural exports.
Lastly, tightening bonds with Russia could potentially position Thailand as a significant player in Eurasian supply chains, specifically in energy and manufacturing, making a strong case for Thailand's pursuit of this FTA. This ambitious endeavor aligns well with Thailand’s broader economic goals, as they strive to maintain sustainable growth amidst ever-shifting global trade tides.
- The conversation between Foreign Minister Maris and Russia's Sergey Lavrov, during the BRICS Foreign Ministers Meeting in Brazil, was crucial for Thailand's pursuit of a Free Trade Agreement (FTA) with the Eurasian Economic Union (EEU).
- Thailand's strategic goal during this meeting was to advance negotiations for the Thailand-EEU FTA, given Russia's influential roles in both the BRICS and the EEU.
- By forming alliances and securing access to the EEU market through the Thailand-EEU FTA, Thailand could potentially position itself as a significant player in Eurasian supply chains, particularly in energy and manufacturing.
- Minister Maris echoed Thailand's dedication to fostering closer relationships within the BRICS framework and with individual member states, with the key aim of bolstering trade ties and industrial and agricultural exports.
