On the cusp of cementing a seminal Comprehensive Economic Partnership Agreement (CEPA), the United Arab Emirates (UAE) and Thailand are steering towards an enriching economic collaboration, poised to append an additional $300 million to Thailand’s Gross Domestic Product (GDP).
The ongoing negotiation round in Bangkok, anticipated to wrap up by Thursday, beckons promising outcomes, as divulged by Thailand’s ambassador to the UAE, Sorayut Chasombat, during a media briefing at the Royal Thai Embassy in Abu Dhabi.
Following Chasombat’s tenure commencement in December 2022, the ambassador presented his credentials to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, this February. Formal dialogues to crystallize CEPA were initiated in May, underscoring the mutual zest to escalate economic liaisons between the two nations.
Chasombat, concurrently chairing the ASEAN Committee in Abu Dhabi (ACAD), elucidated on the substantial dividends the accord is slated to deliver. “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,” Chasombat elaborated.
Last year saw the UAE burgeoning as Thailand’s prime trading ally in the Arab world, clinching the 13th spot globally. The bilateral trade trajectory marked a noteworthy $20 billion in 2022, with non-oil trade skyrocketing by 21 percent from 2021, touching $6.1 billion.
Thailand, a forerunner in Southeast Asia concerning strides towards Sustainable Development Goals (SDGs), is orchestrating robust plans to achieve carbon neutrality by 2050 and meet the net-zero emission mandate by 2065, championing a bio-circular-green economy blueprint.
The forthcoming COP28 climate summit in Dubai emerges as a pivotal juncture, where Thailand envisages exhibiting its steadfast commitment towards sustainable development. “Thailand is well-known for sustainable development. We plan to have strong participation at the upcoming COP28, next year’s World Government Summit, and the World Trade Organisation Ministerial Conference. We would give our utmost support to the UAE,” Chasombat assured.
The tourism realm is registering a renaissance, with Thailand beholding an upswing of tourists from the UAE. The embassy in Abu Dhabi and consulate in Dubai are processing between 80 to 100 visa applications daily, accentuating the burgeoning affinity between the denizens of the two nations.
Chasombat, addressing the Thai community, spurred them to perpetuate their industrious endeavors. The embassy is earnest in nurturing cultural and linguistic bonds by orchestrating Thai and Arabic language classes for children and envisaging a Thai festival early next year, aiming to fortify the cultural continuum between the UAE and Thailand.
This evolving economic and diplomatic panorama portends a prosperous chapter in UAE-Thailand relations, set to catalyze trade, augment cooperation, and contribute towards global sustainability endeavors.
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