Bilateral trade value between Thailand and New Zealand is on course to double over the next several years from the current 50 billion baht annually under a new trade pact with ASEAN.

The ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) agreement is scheduled to be signed today at the ASEAN Summit in Cha-am.

Trade between the two countries has almost doubled in the last few years, thanks to the Thailand-New Zealand Closer Economic Partnership, said New Zealand Trade Minister Tim Groser.

Thailand now enjoys a trade surplus with exports of Thai goods to New Zealand valued at NZ$1.2 billion against imports of NZ$850 million, he said.

"Putting together 12 economies with existing gross domestic product of $1.2 trillion in the FTA with ASEAN is very significant in terms of political and commercial development," Mr Groser told the Bangkok Post.

"I would be surprised to see our trade figures double in a four-year time, but over a longer period, absolutely."

A Thai Commerce Ministry analysis shows that Thai exports of leather goods, shoes and garments to New Zealand will be the biggest beneficiaries of the regional free-trade pact, along with automotive parts, electrical components, textiles and chemicals to Australia.

These sectors have been highly protected through high tariffs in the past.

Apart from tariff reductions, the AANZFTA covers other trade-related issues including customs procedures, investment, intellectual property and movement of people.

Mr Groser said that once his country's parliament ratified the FTA, New Zealand would begin cutting tariffs, with all tariffs to be eliminated over 12 years. The AANZFTA covers 99% of New Zealand products exported to six ASEAN members including Thailand, he said.

Mr Groser said under the global recession, both Thailand and New Zealand were under pressure.

"Inevitably, exports will fall across the board," he said, but added that an expected 6% decline in Thai exports this year was nothing when compared to some Asian economies such as Taiwan. "I think the Thai economy is in better shape."

New Zealand forecasts its economy will contract by 0.5% to 1% this year.