The United States and Thailand have announced that they have reached a framework for an Agreement on Reciprocal Trade. This agreement is intended to enhance economic ties between the two countries by granting exporters from both nations greater access to each other's markets.
According to the joint statement, "The United States of America (“the United States”) and the Kingdom of Thailand (“Thailand”) have agreed to a Framework for an Agreement on Reciprocal Trade to strengthen our bilateral economic relationship, which will provide both countries’ exporters unprecedented access to each other’s markets. The Agreement on Reciprocal Trade will build upon our longstanding economic relationship, including the U.S.-Thailand Treaty of Amity and Economic Relations, signed in 1966, and the U.S.-Thailand Trade and Investment Framework Agreement, signed in 2002."
The statement also noted that key terms of the new trade agreement are being developed. In the next few weeks, officials from both countries plan to negotiate and finalize the details, prepare for the official signing, and complete necessary domestic procedures before the agreement takes effect.
