Picture courtesy of CHUTTERSNAP, Unsplash
The government is set to participate in the Joint Trade Committee (JTC) meeting with Malaysia on July 4, aiming to enhance bilateral trade to US$30 billion by 2025.
Chotima Iemsawasdikul, director-general of the Trade Negotiations Department, announced that Commerce Minister Phumtham Wechayachai will attend the third JTC meeting between Thailand and Malaysia in Kuala Lumpur.
This will be Thailand’s inaugural JTC meeting with an ASEAN country for the year. According to Chotima, this meeting is expected to increase trade between the two nations from US$25 billion in 2023 to US$30 billion by next year, while also expediting Malaysia’s market access for more Thai agricultural products.
Moreover, the countries will explore new partnerships aimed at benefiting their economies and entrepreneurs. This aligns with Phumtham’s policy to promote trade, reduce trade barriers, and facilitate bilateral commerce. The meeting will also provide a platform for strengthening economic ties along the border.
Discussions will include the formation of a task force on cross-border trade and investment, as well as the construction of a road linking the Sadao immigration checkpoint in Songkhla with Malaysia’s corresponding checkpoint.
Malaysia stands as Thailand’s top trading partner within ASEAN and ranks fourth overall. Trade between the two countries reached US$25 billion last year, with a total of US$10.787 billion in the first five months of this year, reported Bangkok Post.
Thai exports to Malaysia amounted to US$5 billion, while imports stood at US$5.7 billion. Key exports include cars, auto parts, and computer parts, whereas frequent imports comprise crude oil, circuit boards, and chemical products.
In related news, Thailand climbed to the 32nd position out of 65 countries on the Global Trade Modernisation Index (GTMI) 2024, highlighting its moderate performance in digital trade. The Kingdom of Thailand ranked 3rd among ASEAN nations and showed a significant improvement in readiness for digital trade.
Business News