The UAE-Thailand Comprehensive Economic Partnership Agreement (CEPA) will add $300 million to the Thai GDP, a top envoy said in Abu Dhabi as yet another negotiation round is underway in Bangkok this week. Sorayut Chasombat, Ambassador of Thailand to the UAE, noted that completion of CEPA and strong participation in the upcoming COP28 are his top priorities in the coming months.
"We want to be a strong partner of the UAE in this region. We recognise the UAE's role in this part of the world in promoting peace, stability, and prosperity within the region," Chasombat said during a media briefing at the Royal Thai Embassy.
Chasombat arrived in the UAE in December 2022 and presented his credentials to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, in February. The negotiations to establish a CEPA free trade deal commenced in May. Chasombat noted that another round of negotiations is underway in Bangkok and will conclude this week. "We hope to hear the good news," said Chasombat, who is also the chairman of the ASEAN Committee in Abu Dhabi (ACAD) – a body of representatives of the Association of Southeast Asian Nations (ASEAN) member states in the UAE, as per khaleejtimes.
"We would be the third country in ASEAN to ink the agreement with the UAE. Trade with the UAE is very important to us."
Last year, the UAE was Thailand's largest trading partner in the Arab world and ranked 13th globally. In 2022, bilateral trade amounted to $20 billion. Non-oil trade between the two countries reached $6.1 billion, up 21 per cent from 2021. Chasombat pointed out that the implementation of CEPA will bolster bilateral relations to another level.
"With the completion of CEPA, it will add at least $300 million to the Thai GDP. It will add at least $250 million to the bilateral trade between the two countries."