Canada and Thailand announced that they will pursue exploratory talks to examine the potential economic benefits of a free trade agreement. The announcement was made on March 23rd, during Prime Minister Harper's official visit to Thailand.
The exploratory talks will examine the potential economic benefits of a free trade agreement and how such an agreement would enhance the existing relationship between the two countries.
Thailand is Canada's largest bilateral merchandise trading partner within the 10-member Association of Southeast Asian Nations (ASEAN).
It has a population of almost 66 million and an economy that experienced significant economic growth in 2010, expanding by 7.8 percent. Thailand's geographic position at the centre of ASEAN, its strong transport infrastructure, and its focus on foreign investment have made it a regional manufacturing hub and home to a significant petrochemical industry.
In 2011, the year that marked 50 years of diplomatic relations between the two countries, Canada's bilateral merchandise trade with Thailand totalled nearly $3.5 billion, an increase of 14.8 percent over 2010.
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