(CTN News) – The administration plans to attend the Joint Trade Committee (JTC) meeting with Malaysia on July 4. The goal is to increase bilateral trade to US$30 billion by 2025.
Chotima Iemsawasdikul, director-general of the Trade Negotiations Department, has announced that Commerce Minister Phumtham Wechayachai will attend the third Joint Trade Committee meeting between Thailand and Malaysia in Kuala Lumpur.
This will be Thailand’s first JTC meeting with an ASEAN nation this year. According to Chotima, this conference is anticipated to boost bilateral trade from $25 billion in 2023 to $30 billion by next year and accelerate Malaysia’s market access to more Thai agricultural goods.
Furthermore, the nations will seek new collaborations to benefit their economies and enterprises. This is consistent with Phumtham’s strategy of promoting trade, lowering trade barriers, and facilitating bilateral business. The gathering will also serve as a forum for boosting business relations across the border.
Thailand aims for US$30 billion in bilateral trade with Malaysia
Discussions will involve the development of a task force on cross-border commerce and investment, as well as building a road connecting the Sadao immigration crossing in Songkhla to Malaysia’s comparable checkpoint.
Malaysia is Thailand’s largest trade partner within ASEAN, ranking fourth overall. According to the Bangkok Post, trade between the two nations totaled US$25 billion last year and US$10.787 billion in the first five months of this year.
Thai exports to Malaysia were $5 billion, while imports were $5.7 billion. Cars, auto components, and computer parts are major exports, whereas crude oil, circuit boards, and chemical items are common imports.
In other developments, Thailand rose to 32nd place out of 65 nations on the Global Commerce Modernization Index (GTMI) 2024, indicating a reasonable performance in digital commerce. Thailand is rated third among ASEAN countries, with considerable improvements in digital commerce preparedness.
