“On March 23, 2012, Canada and Thailand announced the launch of exploratory discussions for potential negotiations of a bilateral free trade agreement. The FTA proposal further enhanced Canada’s bilateral commercial relationship with Thailand. It generated increased export and investment opportunities for both countries, in the agriculture, oil, gas, sustainable technologies, and services sectors. The two-way trade between Canada and Thailand exceeded $3.5 .
billion in 2013, making Thailand Canada’s second largest trading partner in Southeast Asia” Canada’s Merchandise Trade with Thailand. (n.d.).
Retrieved from https://www.asiapacific.ca/statistics/trade/bilateral-trade-asia-product/canadas-merchandise-trade-thailand). However, these exploratory discussions concluded in July of 2015. The Government of Canada is currently focused on overall economic engagement with the Association of Southeast Asian Nations (ASEAN). In August of 2016, Canada’s Minister of International Trade, Chrystia Freeland, announced several initiatives to deepen commercial relationships with ASEAN’s fast-growing economies, which includes Thailand.Thai-Canadian joint venturesCurrently, the joint ventures between Canada and Thailand are few, small and far between.
However, there is a potential diamond in the rough. Thailand’s digital games industry has recorded exponentially impressive growth since its debut in 2002. Game revenue in Thailand is set to grow at least 50 percent a year to USD 485 million by 2018. Due to increasing demand, they require skilled workers and are eyeing a Thailand-Canada: Game Industry Partnership in Vancouver (Thailand Looking to BC Tech to Collaborate and Develop Its Emerging Mega-Million Digital Games Industry. (n.d.).
Retrieved January 04, 2018, from http://www.newswire.ca/news-releases/thailand-looking-to-bc-tech-to-collaborate-and-develop-its-emerging-mega-million-digital-games-industry-614267213.html). This is an exciting joint venture opportunity between Thailand and Canada, but it is important to note that they are still in the conception phase of figuring out an appropriate deal. Our workers are really expensive when compared to Asian laborers, so the proposal might not go anywhere.
Membership in various organizations Canada and Thailand work closely together in the Association of Southeast Asian Nations (ASEAN), in which Canada is a Dialogue Partner. They are also partners in regional institutions, such as Asia-Pacific Economic Cooperation (APEC), and the security-oriented ASEAN Regional Forum (ARF). Thailand and Canada are also part of multilateral organizations that operate beyond the Asia-Pacific sphere, such as the World Trade Organization (WTO), the World Economic Forum (WEF), the Organization for Economic Cooperation and Development, the World Bank Group (WBG) and the International Monetary Fund.