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FTA with EU will raise Thai GDP by 1.63%: study

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FTA with EU will raise Thai GDP by 1.63%: study

By THE NATION

 

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A free trade agreement between Thailand and European Union (EU), if achieved, could boost the country's gross domestic product (GDP) by 1.63 per cent, according to a joint study by the Department of Trade Negotiations and Institute of Future Studies for Development.

 

The department will forward results of the public hearing on whether Thailand should resumeThailand-EU FTAtalks to the Cabinet soon. 

 

Auramon Supthaweethum, the department's director-general, said if import tariffs on all items in the pact are reduced to zero per cent, Thailand's GDP would grow by 1.63 per cent.

 

The pact would also boost Thailand's export by 3.43 per cent and import by 3.42 per cent.

 

Thai export products that will benefit from the deal include auto parts, clothes, and electronic devices, while sugar, vegetables, and fruits will be affected.

 

In 2018, Thai exports to the EU totalled US$25.04 billion, dominated by computers and computer parts, electrical circuits, electronic products, gems and jewelleries and air conditioners and parts.

 

Thailand’s imports from the bloc were valued at US$22.24 billion last year, with the main products being machines and machine parts, aircraft, gliders, aviation equipment, electrical machinery and parts, chemicals, medicine, and pharmaceuticals.

 

Source: https://www.nationthailand.com/business/30378607

 

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-- © Copyright The Nation Thailand 2019-11-21
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1 hour ago, snoop1130 said:

FTA with EU will raise Thai GDP by 1.63%: study

Stop talking about the economy!!!

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Thailand is much more expensive than south america, why would the EU trade with them?

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15 minutes ago, Pedrogaz said:

I'm not an economist but simply curious. 1.63% doesn't sound very much reward for turning your economy upside down to meet EU regulations....and for the common people it will mean zero as all the profits on the 1;63% will go into the same few elite trouser pockets. 

I would be interested to see how the Thai government raises its revenues....my impression is that income tax is not a huge source of income since most of the income goes to the elite who like all elites, avoid paying taxes. I suspect that a lot comes from sales tax. How much comes from import duties? Judging from the prices of imported food goods like cheese and butter these duties must be very high indeed. If Thailand gets an FTA with the EU, they will lose a large part of the revenue from the import duties they levy, where will the money come from to replace this lost government income?

You think too much.

 

😆😆😆

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19 hours ago, snoop1130 said:

if achieved, could

Too many "if " ...

If my aunt had ... She would be called "my uncle"
and if my uncle was, we would call him "my aunt"  

 

or

 

If ifs and ands were pots and pans there'd be no need for tinkers ..:crazy:

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21 hours ago, snoop1130 said:

Thailand’s imports from the bloc were valued at US$22.24 billion last year, with the main products being machines and machine parts, aircraft, gliders, aviation equipment, electrical machinery and parts, chemicals, medicine, and pharmaceuticals.

 

This is excellent news.

 

I was just thinking about purchasing a glider.

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