Launch of the Thai-EFTA Business Circle

On 17 December 2020, the Thai-EFTA Business Circle was launched at the residence of the Norwegian Ambassador in cooperation with the Swiss Embassy, the Norwegian-Thai Chamber of Commerce and the Swiss-Thai Chamber of Commerce. The Business Circle and the active participation of the companies represented in it will play an important role in the upcoming Free Trade Agreement (FTA) negotiations between Thailand and the EFTA countries.

At the launch, Professor Dr Kriengsak Chareongwongsak, President of the Institute of Future Studies for Development, presented an analysis of the impact that an FTA would bring to the Thai as well as the EFTA economies. Trade between Thailand and the EFTA region has seen a steady increase in volume in recent years. An FTA would only accelerate this trend and also help the economies of the countries involved to recover in the post-crisis period.

For the EFTA region, Thailand is one of the most important trading partners in SE-Asia. To look at it from a more Swiss-centred point of view, Thailand is the second most important trading partner in ASEAN (after Singapore). On the other hand, Switzerland is the second most important European trading partner (after Germany) for Thailand. When it comes to foreign direct investment, Switzerland ranks as Thailand's twelfth largest investor. This is reflected in the many Swiss companies active in Thailand. Conversely, Thai investments in Switzerland have increased, and the takeover of the Globus department stores' group by the Central Group is just another great indicator of this trend.

The STCC will continue to be actively involved in the FTA negotiations and in close coordination with the Business Circle as well as the Thai and EFTA representatives. We will keep you informed of all developments in this regard!