ABU DHABI, 8th June, 2016 (WAM) — A report issued by the Ministry of Economy reveals that non-oil trade – inclusive of free zone activities – between the UAE and Thailand amounted to USD 5.2 billion in 2015.
The report mentioned premium raw aluminum, ornaments and precious metals as the main exports from Thailand, with cars and vehicles for transport of people and goods as well as jewelry counting among the primary imports.
Hind Al Youha, Director of Foreign Trade Policies in the Ministry’s Foreign Trade Sector said that issuing such a report is in line with the Ministry of Economy’s mission and objective of improving public and private sector awareness on the trade and investment systems of the UAE’s key economic partners.
The report showed that the Thai economy experienced a decline in GDP growth in 2014, down to 0.9 per cent in comparison with the 7.3 per cent growth in 2012 as a result of high purchasing power.
The inflation rate fell gradually during 2014 at 1.9 per cent or half of the 2011 level. Al Youha noted that the Thai Government has implemented structural reforms to enhance the competitiveness of its economy, expedite infrastructural development, and encourage innovation.
The report pointed out that Thailand is characterized by a diversified manufacturing sector supported by financial incentives and customs protection. The government has worked towards developing the rubber sector to address global prices, increased supply, and lower demand. Thailand maintains a strong presence in banking, telecommunications and transportation services.
The report indicated that the Thai Government is making improvements to better facilitate trade. It joined the Kyoto amended Convention as of June 2015, and in stages to support the ratification of the trade agreement.
The report also revealed the Thai Government’s efforts to support investment and to encourage small and medium enterprises through tax exemption, as well as boost and reform the agriculture, energy, technology and other sectors, with initiatives currently underway to privatize them.
The report mentioned that Thailand continues to enhance the protection of intellectual property rights through the preparation of new laws as well as legal amendments.
Furthermore, the report stated that Thailand uses government procurement as an important tool for economic policy. It revealed a 7 per cent allocation for local suppliers and noted government legislation to manage the risk of corruption in this area. Thailand, however, has not signed the multilateral World Trade Organization agreement on government procurement.
The report highlighted Thailand’s preparation of eight laws for transforming the state into a digital economy, involving actions such as changes in the air transport sector and major maritime laws. Tourism was also identified as a major source of foreign exchange.