The government is backtracking on plans to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade deal, according to FTA Watch.
The trade-monitoring organisation says a source close to Commerce Minister Jurin Laksanawisit revealed that the minister has withdrawn the proposal to join the CPTPP from Tuesday’s (April 28) Cabinet agenda.
The CPTPP encompasses the world’s third largest free-trade area, with signatories Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam representing 13.4 percent of global GDP, or US$13.5 trillion, at time of signing.
Thailand is due to sign the Regional Comprehensive Economic Partnership (RCEP) – the world’s largest free-trade deal covering half the world’s population and 30 percent of global GDP – later this year.
FTA Watch said it will continue to monitor developments until the government officially confirms it will not join the CPTPP.