Nonthaburi, Minister of Commerce Signed to move forward with FTA talks between Thailand and Bangladesh Accelerate the expansion of Thailand's new potential markets in South Asia. Mr. Bhumitham Wechayachai, Deputy Prime Minister and Minister of Commerce, and Mr. Ahasanul Islam Titu, Minister of Commerce of Bangladesh, signed a letter of intent to begin negotiations on a free trade agreement. (FTA) Thailand-Bangladesh by 2024, moving forward to create a handicap for the Thai private sector to enter the Bangladesh and South Asian markets. After discussion, both sides signed a letter of intent to begin negotiations on a Thailand-Bangladesh Free Trade Agreement (FTA) by 2024 in the morning of April 26, 2024 at Government House. During the official visit of the Prime Minister of Bangladesh (Mrs. Sheikh Ashina) from 24-27 April 2024, the joint signing of the Letter of Intent is considered an important step in enhancing trade and relations. Mutual investment by Bangladesh is interested in opening negotiations to es tablish an FTA with Thailand as the first country in ASEAN. Thailand sees Bangladesh as a strategic country for trade and investment for Thailand in the South Asian region. With the potential in market size, labor, and resources that facilitate business expansion of the Thai private sector in South Asia. as well as connecting to the Middle East and Africa markets . Bangladesh is a large buyer and consumer market with potential. Because it is a country that depends on importing goods from abroad. In addition, it has a population of 172 million people, the 8th largest in the world, and has a continuously high economic growth rate, averaging 6 percent per year, as well as being a large Halal market. It has the world's 4th largest Muslim population. From now on, the Ministry of Commerce of Thailand and Bangladesh will hold an Exploratory Discussion meeting to exchange information and expectations. and concerns regarding the preparation of FTAs ??between each other, including conducting related internal processes In order to be able to begin negotiations on the Thailand-Bangladesh FTA within this year , however, he and the Minister of Commerce of Bangladesh emphasized on creating an environment conducive to doing business and trade. They will work together to resolve trade barriers, both tariff and non-tariff aspects. to expand trade and investment between them. Currently, several Thai companies have invested in doing business in Bangladesh in the food, construction, and hotel industries. Bangladesh has also expressed interest in importing agricultural products and essential products from Thailand, such as sugar. Sand, vegetable oil and various nuts To prevent the risk of shortages Thailand is willing to support and be a source of food security for Bangladesh . Bangladesh is Thailand's number 2 trading partner in South Asia. After India, in 2023, trade between Thailand and Bangladesh was worth 1,185.39 million US dollars. Divided into Thai exports to Bangladesh worth 1,091.45 million US dollars. with important expor t products such as refined oil plastic cement pellets artificial fibers and fabrics, and Thai imports from Bangladesh valued at US$93.94 million, with important imported products such as ready-made clothing. Other metal ores, fresh, chilled, frozen, processed and semi-finished aquatic animals, chemicals, and scientific and medical equipment. Thailand has a trade surplus of 995.54 million US dollars. Source: Thai News Agency