The United States and Thailand have reached a framework for an Agreement on Reciprocal Trade aimed at enhancing their economic partnership. The proposed agreement is expected to offer greater market access for exporters from both countries.
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."
Both governments plan to negotiate further details in the coming weeks. The statement added, "In the coming weeks, the United States and Thailand will negotiate and finalize the Agreement on Reciprocal Trade, prepare the Agreement for signature, and undertake domestic formalities in advance of the Agreement entering into force."
This new agreement is set to expand upon previous treaties between the two nations that date back several decades.
