Historic Agreements to lessen use of US dollar in Thai-China trade & to work together on water management, energy & education.
VICE PRESIDENT'S VISIT: China, govt sign currency swap deal by Pakawat Sunpituksaree
China and Thailand yesterday signed two historic deals plus four other agreements, including an US$11 billion currency swap agreement and a high-speed train project.
The agreements were signed by the visiting Chinese Vice President Xi Jinping and Prime Minister Yingluck Shinawatra.
The three-year currency swap agreement, which is equivalent to 70 billion yuan, will allow Thai exporters and their Chinese counterparts to settle their trade deals in their respective local currencies, instead of relying on the US dollar.
The agreement aims at encouraging more trade and investment between the countries, government spokeswoman Thitima Chaisang said.
The high-speed train project, to be developed by China, will run from Bangkok to Chiang Mai with other routes to be added later, she said.
The memo of understanding signed yesterday will see improved Thailand-China relations, with both countries agreeing to improve water management systems, adopt clean and renewable energy research with an emphasis on rural Thailand, and education especially in technology.
Ms Yingluck aims to increase trade with China by 20% a year for the next five years, with a 15% boost in renewable energy investment, and 20% in tourism.
Mrs Thitima said China would be handing over 100 tablet computers today and 500 more soon after.
She said the prime minister also took the opportunity to thank China for being the first country to offer aid during the recent floods. Mr Xi responded by applauding the government's achievement in combating the flood.
(Source: Bangkok Post, VICE PRESIDENT'S VISIT, China, govt sign currency swap deal, 23/12/2011, Pakawat Sunpituksaree, link)
International Relations Vocabulary
International Relations (IR) - the study of relationships between countries...seeks to analyze as well as formulate the foreign policy of particular states: "aspects of international relations have been studied for thousands of years, since the time of Thucydides, draws upon such diverse fields as economics, history, international law, philosophy, geography, social work, sociology, anthropology, psychology, women's studies/gender studies, and cultural studies / culturology. It involves a diverse range of issues including but not limited to: globalization, state sovereignty, international security, ecological sustainability, nuclear proliferation, nationalism, economic development, global finance, terrorism, organized crime, human security, foreign interventionism and human rights" (See Wikipedia)
China and Thailand yesterday signed two historic deals plus four other agreements
international agreement - an agreement between two countries, entered into under international law, also called a "treaty" (See Wikipedia)
deal - 1. meaning: international agreement; 2.
historic deal - a historically important international agreement (meaning: people in the future will remember this agreement as being an important turning point or point of change)
currency - a widely used the money accepted for exchange of goods in an economy เงินตรา (See Wikipedia)
currency swap - a financial arrangement used by a country's central bank to provide liquidity of its currency to another country's central bank (See Wikipedia)
sign currency swap deal
currency swap agreement
high-speed train - "a type of passenger rail transport that operates significantly faster than the normal speed of rail traffic. Specific definitions by the European Union include 200 km/h (124 mph) for upgraded track and 250 km/h (155 mph) or faster for new track... actual maximum commercial speed is about 300 km/h (186 mph) for majority of national high speed railways (Japan, China, France, Germany, Spain, Italy, UK), and about 400 km/h (249 mph) for Maglev trains," also called "high speed rail (HSR)" (See Wikipedia)
inspect - to look at something carefully ตรวจสอบ
honour - to do what you promised to do ทำตามสัญญา
equivalent - the same as เท่าเทียมกันกับ
counterparts - another person who has a similar function, work, or position in another organisation or place
trade - the buying and selling of goods การค้าขาย
settle their trade deals in their respective local currencies
will allow Thai exporters and their Chinese counterparts to settle their trade deals in their respective local currencies, instead of relying on the US dollar
investment - taking your money and putting it into projects to make a profit or earn interest (buying stock shares, bonds, real estate)
the agreement aims at encouraging more trade and investment between the countries
memo of understanding (MOU) - a temporary written agreement between two companies, etc. that explains how they intend to do business with each other and what their relationship will be (See Wikipedia)
improve - to make better ทำให้ดีขึ้น
improve water management systems
- renewable energy - "energy which comes from natural resources such as sunlight, wind, rain, tides, and geothermal heat, which are renewable (naturally replenished). About 16% of global final energy consumption comes from renewables, with 10% coming from traditional biomass, which is mainly used for heating, and 3.4% from hydroelectricity. New renewables (small hydro, modern biomass, wind, solar, geothermal, and biofuels) accounted for another 3% and are growing very rapidly. The share of renewables in electricity generation is around 19%, with 16% of global electricity coming from hydroelectricity and 3% from new renewables" (See Wikipedia)
adopt - to accept or to start using something new นำมาใช้
emphasis - special importance or attention that is given to one thing in particular การเน้นย้ำ
rural - connected with the countryside outside big towns and cities ในชนบท, บ้านนอก
adopt clean and renewable energy research with an emphasis on rural Thailand
boost - to increase; to strengthen เพิ่ม; ทำให้มีกำลังมากขึ้น
a 15% boost in renewable energy investment
opportunity - a situation when it is possible to do something that you want to do (See glossary)
take the opportunity - when you get the opportunity to do something, use the opportunity
took the opportunity to thank China
aid - help; assistance ความช่วยเหลือ
applaud - praise, say that they think that something you did (an achievement) is very good
achievement - something very good and difficult that you have succeeded in doing การบรรลุผลสำเร็จ
combating the flood - fighting the flood (preventing it from harming people)
applauding the government's achievement in combating the flood