Federal Councillor Guy Parmelin Signs Free Trade Agreement with Thailand
Bern, 23 January 2025 – Today, Federal Councillor Guy Parmelin, Head of the Federal Department of Economic Affairs, Education and Research (EAER), and Jurin Laksanawisit, Deputy Prime Minister and Minister of Commerce of Thailand, signed a free trade agreement (FTA) between Switzerland and Thailand. The agreement will enter into force on 1 January 2026.
The FTA will eliminate tariffs on 98% of goods traded between Switzerland and Thailand. This will significantly reduce costs for businesses and consumers in both countries. The agreement will also improve market access for Swiss companies in Thailand, particularly in the areas of pharmaceuticals, machinery, and chemicals.
In addition to eliminating tariffs, the FTA will also address a range of other trade issues, such as intellectual property protection, trade in services, and investment. The agreement will also establish a Joint Committee to oversee the implementation and operation of the FTA.
The FTA is the culmination of over six years of negotiations between Switzerland and Thailand. It is a significant step forward in the economic relations between the two countries and is expected to boost bilateral trade and investment.
Quotes
- Federal Councillor Guy Parmelin: “This FTA is a major milestone in the economic relations between Switzerland and Thailand. It will create new opportunities for businesses and consumers in both countries and will strengthen our economic ties.”
- Deputy Prime Minister and Minister of Commerce of Thailand Jurin Laksanawisit: “We are delighted to have signed this FTA with Switzerland. It will provide our businesses with better access to the Swiss market and will help us to attract more Swiss investment to Thailand.”
Background
- The negotiations for the FTA began in 2017.
- The two sides reached an agreement in principle in December 2023.
- The FTA was signed today in Bern.
Next Steps
- The FTA will now be submitted to the parliaments of Switzerland and Thailand for approval.
- Once approved, the FTA will enter into force on 1 January 2026.
Federal Councillor Guy Parmelin signs free trade agreement with Thailand
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