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PM: Thailand Expects to Complete Free Trade Talks with EU Next Year

Thailand's Prime Minister Srettha Thavisin, left, and France President Emmanuel Macron attend a joint statement ahead of a working lunch at the Elysee Palace Monday, March 11, 2024 in Paris. (Teresa Suarez/Pool via AP)
Thailand's Prime Minister Srettha Thavisin, left, and France President Emmanuel Macron attend a joint statement ahead of a working lunch at the Elysee Palace Monday, March 11, 2024 in Paris. (Teresa Suarez/Pool via AP)
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PM: Thailand Expects to Complete Free Trade Talks with EU Next Year

Thailand's Prime Minister Srettha Thavisin, left, and France President Emmanuel Macron attend a joint statement ahead of a working lunch at the Elysee Palace Monday, March 11, 2024 in Paris. (Teresa Suarez/Pool via AP)
Thailand's Prime Minister Srettha Thavisin, left, and France President Emmanuel Macron attend a joint statement ahead of a working lunch at the Elysee Palace Monday, March 11, 2024 in Paris. (Teresa Suarez/Pool via AP)

Thailand expects to complete negotiations over a free trade agreement with the European Union in 2025, Prime Minister Srettha Thavisin said on Tuesday, as the government seeks to draw trade and investment to boost the economy.
Talks on the Thai-EU FTA should be completed within one year and a half, Srettha said in a statement after meeting with French President Emmanuel Macron during a visit to France.
Trade talks resumed last year after having been stalled for nearly a decade. The EU had halted negotiations in 2014 after a military coup ousted the civilian government in the Southeast Asian country.
Thailand exported $21.8 billion worth of goods to the EU last year, including autos, computers, jewelry and electric circuits, government data shows, making the bloc its fourth-largest trading partner.
Macron would support Thailand's request for visa exemption from members of Schengen states, Srettha said, adding the request would be considered after June and hopefully be completed by the end of the year.
Macron will also visit Thailand next year, Srettha added.

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Positive Outlook for Saudi Stock Market Next Week

A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)
A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)
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Positive Outlook for Saudi Stock Market Next Week

A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)
A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)

Saudi Arabia’s Tadawul All Share Index (TASI) ended the second week of March with a slight decline for the third consecutive week, closing down 0.73% at 11,725.88 points, compared to the previous week's close of 11,811.11 points.

In an analysis of the market performance during the week ending March 13, Dr. Suleiman Al-Humaid Al-Khalidi, a financial market analyst, told Asharq Al-Awsat that the market experienced a sharp decline not seen in years, coinciding with a drop in global markets, particularly in the US, where $2 trillion in value was wiped out in a single day.

This accounted for roughly 60% of the total market value of the Saudi stock market.

Al-Khalidi noted that the key player in the Saudi market is the banking sector, especially Al-Rajhi Bank's shares, which showed resilience and did not follow the downward trend. This was attributed to the strong profits reported by the banking sector in 2024.

The primary factors contributing to the market’s decline include global economic pressures, particularly US tariffs on most global economies, ongoing global uncertainty, and the Federal Reserve's tight monetary policies, he explained.

These factors have significantly impacted liquidity flows into financial markets. Additionally, fluctuations in global oil prices, despite recent stability, have also played a role.

This downturn has been accompanied by caution among sovereign wealth funds, investment institutions, and some portfolios in injecting new liquidity or altering their positions until there is more clarity in the financial markets, he went on to say.

Moreover, Al-Khalidi said that the Saudi stock market has not accurately reflected the true strength and size of the Saudi economy, which has grown to SAR 4 trillion, up from SAR 600 billion in 2016, before the launch of Vision 2030.

Additionally, the country’s GDP has reached approximately $1.1 trillion.

Looking ahead to the market's performance in the coming week, he noted that there are strong support levels at 11,550 points, followed by 11,450 points.

These levels could help shift the market toward an upward trajectory and better reflect the robust growth of the Saudi economy.

Al-Khalidi emphasized that the banking and energy sectors could play a leading role in driving the market higher, pushing the index beyond this week’s closing levels.

He also pointed out that some stocks are hitting new lows, presenting significant investment opportunities for those seeking safe havens with steady returns in the Saudi market.