Thailand and Bhutan officially signed a free trade agreement (FTA) yesterday, aimed at enhancing trade relations between the two countries.
Commerce Minister Pichai Naripthaphan said the agreement would bring mutual benefits to both Thai and Bhutanese businesses and consumers through tariff exemptions.
This marks Mr Pichai's second FTA since assuming his current role, bringing the total number of trade agreements between Thailand and various countries and regions to 17.
The agreement is Bhutan's first FTA with a country outside South Asia, allowing it to expand its commercial relations beyond the South Asian Free Trade Area (Safta), which includes Bangladesh, Bhutan, India, Nepal, Sri Lanka, Pakistan and the Maldives.
In 2024, bilateral trade reached over 460 million baht, with Thailand exporting goods worth 457 million baht and importing goods worth 3.47 million baht from Bhutan.
Thailand's major exports include automobiles and auto parts, wheat products, prepared foods, microwave ovens, beverages, and canned and processed fruit.
Bhutan's major exports are vegetables, fruit, aircraft and aircraft parts, auto parts, timber, wood and wood products, and beverages such as mineral water, soft drinks, and liquor.
