The Department of International Trade Promotion (DITP) and China's Gansu province signed a memorandum of understanding (MoU) on trade cooperation, effective for three years.
Commerce Minister Pichai Naripthaphan said the agreement aims to support Thai businesses, particularly small businesses, seeking opportunities in Gansu province and western China, while enhancing economic benefits for both countries.
"With its strategic location in central China, Gansu stands out as a key province for the ministry, functioning as a logistics hub along the new International Land-Sea Trade Corridor, facilitating the effective and extensive distribution of Thai products in western China," he said.
The MoU covers key areas for collaboration, including sharing information on trade and investment policies, establishing joint ventures, encouraging participation in trade fairs and missions, and enhancing knowledge exchange.
The agreement also emphasises cooperation in essential sectors such as food, agriculture, logistics and e-commerce.
Mr Pichai said the DITP's offices in China will organise trade promotion events in various Chinese provinces to celebrate the 50th anniversary of diplomatic relations between Thailand and China in 2025.
He encouraged entrepreneurs from Gansu to attend trade fairs in Thailand, including the Bangkok Gems & Jewelry Fair, Thaifex-Horec Asia 2025, STYLE Bangkok 2025, TAPA 2025, Thaifex-Anuga Asia 2025 and Tilog-LogistiX 2025.
Meanwhile, Gansu governor Ren Zhenhe invited Thai entrepreneurs to participate in the Lanzhou Investment & Trade Fair.
In 2023, trade between Thailand and Gansu province tallied US$127 million (4.36 billion baht), an increase of 326% year-on-year.
Thai exports to Gansu were valued at $47.6 million (1.64 billion baht), up 63.9%, while imports from Gansu reached $79.6 million (2.72 billion baht), a gain of 9,813% year-on-year.
Key export products to Gansu include electrical machinery and components, oil seeds, grains, fruit, vegetables, boiler machinery and components.