Caretaker Commerce Minister Phumtham Wechayachai departed for Kazakhstan on Aug 13 on a mission to explore new opportunities for Thai products.
Mr Phumtham is scheduled to hold talks with Kazakh Prime Minister Olzhas Bektenov, focusing on expanding trade and economic cooperation between the two nations.
He met with Mirgali Kunayev, the honorary consul for Thailand in Kazakhstan, and Chatchawan Sakornsin, the Thai ambassador to Kazakhstan, discussing efforts to increase trade and investment between the two countries.
Mr Phumtham said Kazakhstan is a key trading partner of Thailand and could serve as a gateway for Thai exporters to send goods to other countries in Central Asia and the Eurasian Economic Union (EAEU).
On Aug 14, Trade and Integration Minister Arman Shakkaliyev and Mr Phumtham signed an agreement on trade and economic cooperation. The pact aims to develop bilateral economic relations on a long-term basis.
Kazakhstan can attract Thai investors to its special economic zones, offering exemptions from taxes and customs duties.
Mr Phumtam proposed opening a Thai representative office to promote foreign trade in Kazakhstan as a mechanism for the development of bilateral trade relations and increasing mutual trade.
Trade fairs
He also invited Kazakh entrepreneurs to take part in trade exhibitions in Thailand, including the Bangkok Gems & Jewelry Fair (Sept 9-13), THAIFEX-HOREC Asia (March 5-7, 2025) and STYLE Bangkok (April 2-6, 2025), as well as online business matching.
Mr Phumtham told Mr Bektenov the agreement on trade and economic cooperation will serve as a starting point to develop areas of mutual interest.
Furthermore, trade promotion activities organised reciprocally such as trade fairs and business negotiations via online channels will foster trade and investment opportunities between the two countries.
The Thai side also expressed readiness to start negotiations on the free trade agreement with the EAEU and wished to seek Kazakhstan's support on this matter.
Tourism emerged as a cornerstone of bilateral friendship and robust cooperation between the two nations.
Both sides agreed to leverage the visa exemption agreement signed in April to expand economic and investment cooperation.
In turn, Kazakhstan proposed setting up a consulate in Phuket to forge closer ties between the two countries. The Thai side assigned the Ministry of Foreign Affairs to follow up on the matter.
The Thai team also affirmed it would expedite the consideration of the Department of Livestock Development to allow the import of cattle products from 10 Kazakh exporters.
The Thai delegation, headed by the Revenue Department, will also renew the agreement on the avoidance of double taxation between the two countries.
"Thailand and Kazakhstan have always maintained good relations, and we hope that both countries can further improve and strengthen their economic, trade and investment relations. In 2023, Kazakhstan ranked second in the ranking of Thailand's partners in the EAEU with a total trade volume of $172 million, up 26.3%," said Mr Phumtham.