On 15 March 2023, Thailand and the EU announced the relaunch of free trade agreement (FTA) negotiations, with the aim of concluding the talks within two years. H.E. Mr. Jurin Laksanawisit, the Minister of Commerce of Thailand said a Thai-EU FTA would cover trade in goods, services and investment, proving mutually beneficial. Thailand is expected to greatly benefit from the pact once the tariff on Thai exports to the 27 EU countries is eliminated, giving Thailand a competitive edge compared with countries that do not have an FTA with the EU. The specific sectors that should benefit are automobiles and components, electronic equipment, textiles, food, rubber, chemicals and plastics. The import of raw materials would see tariffs eliminated, allowing the manufacturing sector in Thailand to reduce production costs, particularly for machinery, equipment and chemicals. In addition, he said both sides would benefit from mutual investment, with Thailand receiving technology transfers and innovation. This agreement should play a crucial role in attracting global investors to invest in Thailand, increasing investment and boosting the country's GDP.