Australia is interested in investing in infrastructure development projects, water resources in particular, in Thailand’s Eastern Economic Corridor (EEC), according to Thailand’s trade representative Nalinee Taveesin.
Australia is Thailand’s 8th largest trading partner, with bilateral trade last year estimated at about US$18.38 billion, with a tendency to increase in line with Australia’s economic strategy in Southeast Asia over the next decade and longer, as announced by the Australian prime minister in September, with the government having initially set aside US$95.4 million across four years to fund the strategy.
Nalinee, who recently had a meeting with Australian Ambassador Angelina McDonald, said that Australia has expertise and capacity in agricultural and digital technologies and renewable energy.
Thailand and Australia have signed three bilateral and regional trade agreements, namely the Thailand-Australia free trade agreement (TAFTA), the ASEAN-Australia-New Zealand free trade agreement (AANZFTA) and the Regional Comprehensive Economic Partnership (RCEP).
TAFTA was signed and became effective in 2005 and is due to expire in the next two years.
Nalinee said that both Thailand and Australia have agreed to hold events to encourage businesses to make use of the TAFTA, to promote trade between the two countries, with Thailand to host a meeting of the committee on market access.
