Bangladesh and Thailand will start free trade talks (FTA) with Bangladesh next month in a bid to increase the bilateral trade to the tune of 2.00 billion US dollars.

Thai Ambassador to Bangladesh Makawadee Sumitmor said this while speaking at a press conference on a Thai food festival at the Pan Pacific Sonargaon hotel on Sunday.

Makawadee Sumitmor said a high-level Thai trade delegation will visit Bangladesh to hold talks with the Bangladesh delegation, to be headed by State Minister for Commerce Ahasanul Islam Titu Ahsanul Islam Tito, in last week of  August in Dhaka.

While talking to a question, Makawadee Sumitmor said that Thailand will send a high-level Thai business delegation to explore business potentials and investment environment in Bangladesh.

The Thai diplomat also mentioned that during the visit of Prime Minister  Sheikh Hasina to Thailand, the Bangladesh Primer invited Thai entrepreneurs and businessmen to invest in prospective sectors of Bangladesh. While responding to another question,   Makawadee Sumitmor said Thai investment in Bangladesh will help reduce the trade gap between the two countries.

Makawadee Sumitmor said that trade fairs are a way to strengthen the relationship between two countries, adding that  a total of 64 exhibitors will take part in the exhibition.

Terming Thailand as one of the popular tourist destinations in the world, Makawadee Sumitmor said that the number of Bangladesh visitors reached the pre-pandemic level as some 140,000 Bangladesh visitors toured Thailand in 2023.

She also said Thailand issues some 4,000 medical visas to Bangladeshis a year as the Southeast Asia is also a popular medical tourist destination in the world.

Meanwhile, Prime Minister Sheikh Hasina visited Thailand on April 24-29, 2024 on a bilateral and multilateral visits at the invitation of her Thai counterpart, Srettha Thavisin, to strengthen bilateral relations between the two countries.

The Bangladesh premier held bilateral talks with Thai Prime Minister Thavisin at the Government House (the Thai Premier's Office) and five bilateral documents were signed on visa exemption, cooperation on energy, tourism and customs matters, and negotiation of free trade agreement (FTA) between Bangladesh and Thailand in the presence of the two leaders.

During her visit to Thailand on April 24-29, 2024,  Bangladesh Prime Minister  Sheikh Hasina held bilateral talks with PM Thavisin and also attended the 80th Session of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).

Meanwhile, Thai trade counsellor in Dhaka Khemathat Archawathamrong while talking to this correspondent said that Thailand is interested to sign free trade agreement (FTA) with Bangladesh in a bid to increase bilateral trade as tariff and non-tariff barriers stand in the way of promoting business potentials between the two countries.

He said high tariffs on Thai products are stifling exports to Bangladesh to the desired level in spite of having high demands.

Citing high tariff and high tariff barrier (NTB) as a bottleneck in promoting trade, the Thai Minister Counsellor (Commercial) demanded removal tariff and non-tariff barriers.

Referring to high level meetings between two countries in Bangkok on several occasions, he said Thailand has the raised the issue of high tariff and has urged Bangladesh to reduce high tariff on Thai products.

Citing an example, he said Bangladesh imposes some 62.50 per cent on Thai rice and 98 per cent tax on mango. Further, Thai mango is banned until August in Bangladesh.

He believes that Thai products are getting popular in Bangladesh with the expansion of the local economy.

Thailand regards Bangladesh as an important strategic partner in terms of trade, investment and transportation. It was Thailand’s third-largest trading partner in South Asia in 2018, he said.

Bangladesh’s export to Thailand stood at 61 million US dollars (61616259.76 US dollars) during the July-May period of 2023-24 fiscal year.

Bangladesh’s export to Thailand stood at 71 million US dollars (71712021.78 US dollars) during July-June 2022-23 fiscal year, according to the data of the Export Promotion Bureau (EPB) of Bangladesh.

The bilateral trade between Bangladesh and Thailand stands $1.2 billion US dollars.

Thai investment in Bangladesh during 006-2019 amounted to $1.5 billion, with much of it going into agro-industrial and agro-processing businesses, construction and hotels.

Bangladeshi direct investment in Thailand in the same period was worth $1.12 million. Meanwhile, a team of highly professional Thai Chefs from Bangkok will come to Dhaka as part of the Thai food festival and to prepare an array of mouth-watering authentic Thai Cuisine to bring in the real flavors of Thailand.

Meanwhile, Pan Pacific Sonargaon Dhaka, in association with the Thai Trade Centre and Embassy of Thailand, will organise a 4-day-long Thai Food Festival from July 10 – 13, 2024.

A team of highly professional Thai chefs from Bangkok will fly in to Pan Pacific Sonargaon Hotel to prepare an array of mouth-watering authentic Thai cuisine to bring in the real flavours of Thailand, according to a media release.

A group of beautiful Thai dancers will also fly all the way from Thailand to perform their vibrant ‘Thai Dance’ on every event day.

 This cultural show, along with Thai cuisine, will be a wonderful blend of oriental flavours infused with the local taste. High on Thai spice, the festival will surely be a scrumptious feast for food connoisseurs.

In addition, the Thailand Trade Show will also be taking place at the Grand Ballroom of the Pan Pacific Sonargaon Hotel from July 10 – 13, 2024, to inflate the opportunities for the business communities of both countries and accelerate economic relations, the release adds.