Thailand seeks negotiations with EAEU

Thailand is holding talks with Russia to expedite negotiations for a free trade agreement (FTA) with the Eurasian Economic Union (EAEU).
Following discussions with Russian Deputy Minister of Agriculture Sergey Levin held at the Commerce Ministry on Wednesday, Commerce Minister Pichai Naripthaphan said the two countries agreed to strengthen trade and investment cooperation, particularly in high technology and artificial intelligence, areas in which Russia possesses expertise and is interested in expanding its manufacturing base.
Over the past several years, more data centre and printed circuit board manufacturing has relocated to Thailand, which is expected to contribute to continued investment in high technology, in particular digital innovation, said Mr Pichai.
Thailand is well-positioned to be a global food hub and a centre for food security items, he said.
Mr Pichai urged Russia to increase imports of Thai rice and food products, while Russia asked Thailand to consider importing agricultural products such as wheat, dairy and livestock items from the country.
Thailand expressed readiness to host the 5th Meeting of the Sub-committee on Trade and Economic Cooperation between Thailand and Russia in the first quarter of 2025, a ministerial level meeting that aims to promote economic, trade and investment cooperation in various fields of mutual interest.
The Thai side also sought Russia’s support in launching an FTA between Thailand and EAEU to expand trade and investment collaboration between the pairing.
The EAEU, consisting of Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan, represents a major economic bloc with nearly 200 million people and a combined GDP of US$5 trillion.
In 2023, Russia was Thailand’s 37th-largest trading partner, though No.1 among EAEU member states.
In the first nine months of 2024, total trade value between Thailand and Russia tallied $1.19 billion, accounting for 0.26% of Thailand’s total trade.
Exports to Russia were worth $610 million, while imports from Russia were valued at $578 million, resulting in a trade surplus of $32 million.
Key exports include rubber products, automobiles and auto parts, and machinery and components.
Key imports include fertilisers, pesticides, metal ores, scrap metal and chemicals.