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Chile And Thailand To Discuss Ways To Take Advantage Of FTA At Thai-Chilean Joint Business Council Meeting, In The Context Of Fealac

August 21, 2014 Destination Thailand No Comments Email Email

This will be a big week for trade matters between Latin America and Asia. On August 19, the Second Meeting of the Thai-Chilean Joint Business Council (JBC) will take place at the Four Seasons Hotel Bangkok, where a group of business representatives from Chile and Thailand will meet to discuss trade and investment opportunities between both countries, as well as to share ideas about future initiatives and activities to deepen collaboration and leverage opportunities in both regions.

The highlight of the meeting will be a discussion on the current economic situation and business opportunities in Chile, in Thailand, and in the ASEAN Economic Community (AEC).

Also, during August 19–22, the 15th Senior Officials Meeting of the Forum for East Asia-Latin America Cooperation (FEALAC) will be held at Centara Grand & Bangkok Convention Centre at CentralWorld, in Bangkok, to discuss matters of importance for both regions such as trade, investment, education, and tourism, under the name “Connecting the Two Engines of Global Growth.”

What’s on the Thai-Chilean Joint Business Council’s Agenda

The Second Meeting of the Thai-Chilean Joint Business Council has scheduled a presentation on the economic relations between Chile and Thailand, and ways to take advantage of the FTA from the perspective of the Chilean private sector; a discussion on key business opportunities for Chile and Thailand; a view on the future action plan on “How to strengthen economic, trade, and investment ties;” a briefing on the AEC, and an update on the FEALAC business forum.

Representatives from Chile will disclose details regarding the current status of the free trade agreement (FTA) between Thailand and Chile, hence also making this forum a platform to discuss new business opportunities after the FTA between both countries comes into force. According to the Commercial Department of the Embassy of Chile in Thailand, this is expected to happen in Q4 2014.

“This is a comprehensive commercial agreement that covers several areas such as trade in goods, rules of origin, custom procedures and cooperation, Sanitary and Phytosanitary Measures (SPS), Technical Barriers to Trade (TBT), trade remedies, trade in services, financial services, dispute settlement and transparency. The FTA is a display of significant momentum for both economies, mainly for the complementarity of the market, the strategically geographical location, and the dynamism of the economies. Today, trade between Chile and Thailand reaches a billion dollars, with continual growing despite very high tariffs and restrictions for the last decades. Our forecast in the mid- term is that trade will effortlessly reach USD 2 billion, where industries such as foodstuffs, wine, manufacturing, and automobiles would have an important role,” said Jaime Rivera, Trade Commissioner and Coordinator of ASEAN Markets at ProChile, an institution of Chile’s Ministry of Foreign Affairs in charge of promoting exports of the country’s products and services.

Chile will participate on the meeting with a public and private delegation of 13 members led by H.E. Alfredo Labbe, Permanent Secretary of the Ministry of Foreign Affairs of Chile. The business delegation will be led by Juan Mackenna, president of the Thai-Chilean Joint Business Council and director of Magotteaux, and Pedro Reus, international manager of the Chilean Federation of Industry (SOFOFA).

What’s on the FEALAC Business Forum’s Agenda

“The Second FEALAC Business Forum will be a relevant space for the Association of Southeast Asian Nations (ASEAN) to present the advantages of the AEC, and how it benefits Latin American countries in terms of new business and investment opportunities. The FEALAC is an excellent platform for Chile, Latin America, and Asia to achieve mutual cooperation objectives that we have set in free trade, and other matters that are relevant for both regions,” explained Jaime Rivera.

During the Second FEALAC Business Forum, business delegations from FEALAC member countries will map future business activities in investment, entrepreneurship, partnership, joint ventures, and exchange ideas on moving forward with counterparts.

“The AEC will allow Thailand to become the most important hub of the region. Due to its strategic geographic location, adequate infrastructure, and efficient logistic services, it will be a link between ASEAN and huge markets such as India and China, to reach over one billion consumers,” added Rivera. “For Chilean companies to consider relocating their manufacturing plants, Thailand should withdraw the trade restrictions, for instance those on wine.”

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