Eurasian Economic Union seeks free trade agreement at BRICS discussions in Rio de Janeiro
Fresh Take:
Thailands eagerness to strengthen trade ties was evident during its recent BRICS diplomatic engagements, particularly in the push for a Free Trade Agreement (FTA) with the Eurasian Economic Union (EEU). During a meet-up with Russia's Foreign Minister, Sergey Lavrov, Thai Foreign Minister Maris Sangiampongsa seized the opportunity to advocate for advancing discussions on the FTA with the EEU.
The BRICS platform provided a strategic opportunity for Thailand, considering Russias membership in both BRICS and the EEU. Capitalizing on this advantage, Maris reiterated Thailands desire to deepen trade ties with the EEU, marking a significant step in the FTA negotiation process.
The EEU, consisting of Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan, contributes 3.2% of global GDP and 2.7% of global exports (as of 2021 data). As a key member of both BRICS and the EEU, Thailand saw this as a golden opportunity to push for FTA negotiations.
Beyond the FTA, the meeting also focused on expanding bilateral cooperation in tourism and cultural exchanges between Thailand and Russia. The broader goal is to strengthen multilateral trade frameworks while fostering bilateral relationships with individual member states.
While no specific timeline or finalized terms have been discussed yet, Thailands assertive stance indicates a heightened focus on formalizing the FTA in the near future. This push for diplomatic engagement follows on the heels of Thailands recent FTA success, such as the tariff-free agreement with Bhutan, signed in April 2025.
- Vieira, an industry analyst, believes that the key to strengthening Thailand's financial position lies in embracing multilateralism, as evidenced by its active participation in BRICS.
- During a recent briefing, Vieira highlighted Thailand's strategic approach to business, leveraging its BRICS membership to negotiate a Free Trade Agreement (FTA) with the Eurasian Economic Union (EEU).
- As the EEU, comprising key players like Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan, contributes significantly to global economy and trade, this FTA could pave the way for increased business opportunities.
- Recognizing the potential of this partnership, Vieira suggests that Thailand should continue to advocate for multilateralism and finance-oriented discussions within BRICS and the EEU, aiming to secure key advantages for Thai businesses.
