Commerce Minister Phumtham Wechayachai is scheduled to lead a trade delegation to Kunming on Dec 17-18 in an effort to increase trade between Thailand and China.
Mr Phumtham said during the visit, a memorandum of understanding will be signed on trade of agricultural products, processed agricultural goods and processed food between private companies in Thailand and China, valued at 5.6 billion baht.
By early next year, he said plans are being developed to showcase and expand the market for Thai products and soft power in the US.
Thai products and services with opportunities in the US market include rice, electronics, household appliances and Thai restaurant services, said Mr Phumtham.
He said there are also plans to showcase Thai products in Iran, which is considered a potential new market.
In the past, Iran showed a strong interest in purchasing Thai rice.
However, Thai business operators still face payment transaction challenges through financial institutions because of sanctions imposed on Iran, said Mr Phumtham.
Both Thailand and Iran are seeking solutions to address this issue, and if successful, there could be significant opportunities to expand trade between the two countries, he said.
"I've already provided guidelines to senior officials in the Commerce Ministry to develop export markets for Thai products worldwide," said Mr Phumtham.
"These strategies include maintaining existing markets, exploring new markets and identifying potential markets where Thai products can be sold."
For 2024, the ministry set an initial export target for Thailand to grow by 1.99%, worth an estimated US$288 billion or about 10 trillion baht.
The export target aligns closely with the private sector's estimate of 1-2% growth.
For next year, the International Trade Promotion Department is preparing various events to increase exports, with a total of 417 activities expected to generate revenue of 65.7 billion baht.