Thailand is accelerating negotiations on a free-trade agreement with the European Union as it seeks to diversify trade ties amid uncertainty over U.S. tariffs, Bloomberg reported Tuesday, citing Thai Trade Representative Werapong Prapha.
"The reason why we're accelerating the EU FTA so much is because we want to diversify as quickly as possible," Werapong said in an interview.
He reportedly added that Thailand aims to reduce its reliance on both Chinese and U.S. supply chains.
Thailand is also negotiating tariff issues with the U.S. and hopes to secure treatment comparable to other Southeast Asian economies, according to the report.
Prime Minister Anutin Charnvirakul's government is targeting an agreement with the EU by the end of the year. The bloc is Thailand's fourth-largest trading partner and a market of more than 450 million consumers, Bloomberg said.
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