Talks seek border trade boost 

Talks seek border trade boost 

Private sector leaders from the Greater Mekong Subregion (GMS) are to propose ways to boost regional trade and investment and improve cross-border transport ahead of the GMS Summit which kicks off on Saturday.

Jingjai Hanchalash, chairman of Thailand's GMS Business Forum, said GMS leaders have been asked to give their ideas on promoting small and medium enterprises in Cambodia, Laos, Myanmar and Vietnam.

They have also been urged to suggest ways to improve joint cooperation to develop regional transportation, particularly by introducing clear regulations on cross-border transport.

Mr Jingjai said the private sector will ask GMS governments to approve transport laws which fall in line with the region's Cross Border Transport Agreement (CBTA).

"We don't have clear regulations on regional transportation, even though the GMS Freight Transport Association was established," he said. "Member countries need to approve relevant laws to conform with CBTA."

Arkhom Termpittayapaisith, secretary-general of the National Economic and Social Development Board, chaired an investment forum where representatives from the private sector, government and the Asian Development Bank (ADB) discussed trade issues.

Mr Arkhom said member states will continue seeking way to ease limitations on investment, which are caused by differing regulations.

"Preparation for increasing investment was on the agenda, including trade regulation, which is set to be revised to build a good atmosphere for investment," Mr Arkhom said.

Meanwhile, ADB president Takehiko Nakao yesterday discussed trade and investment with Prime Minister Prayut Chan-o-cha, according to government spokesman Yongyuth Mayalarp.

Dr Yongyuth said Gen Prayut expressed the country's readiness to be a regional transport hub and asked the ADB to help promote cross-border investment.

Mr Nakao praised Thailand for playing a key role in regional development. He said ADB is willing to support the country to be an Asean hub, due to its geographic location and economic potential.

"Due to Thailand's strategic location in GMS, its broad industrial base and rich natural resources for agribusiness and tourism, it has the potential to reach high-income status through continued reform efforts and appropriate policies," Mr Nakao said, adding that Thailand's economic performance is also crucial to the prospects of all GMS countries.

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