Australia calls for more strategic economic dialogue

Australia’s Assistant Minister of Trade, Tim Ayres, is calling for more strategic dialogue to ensure the Thailand-Australia Free Trade Agreement (TAFTA) remains relevant in the face of uncertainties in the global economy.
Speaking after a strategic economic dialogue with representatives from the Commerce Ministry in Bangkok, Mr Ayres stressed the importance of ramping up strategic talks to address economic uncertainties brought on by the rapid shifts in the geopolitical landscape.
The dialogue, co-chaired by Mr Ayres and Deputy Commerce Minister Suchart Chomklin, was held to mark the 20th anniversary of the signing of TAFTA.
Mr Ayres said since Thailand and Australia signed the free trade deal, the volume of trade between the two countries has soared.
The agreement has significantly contributed to the growth of trade relations between Australia and Thailand, which have boosted not just the national economies, but also the well-being of local workers, he noted.
“Bilateral trade between the two countries was valued at US$32 billion [about one trillion baht] last year. This helped to build new factories, create more jobs and introduce investment opportunities in both economies,” Mr Ayres said.
Mr Ayres said that the free trade dialogue between the two countries should emphasise analysing factors that affect strategic growth and economic resilience.
“It is important that we focus on strategic economic dialogue to keep improving the performance of our trade and investment relations,” he said.