The private sectors of the US and Thailand will form a joint committee to tighten the relationship on trade and investment between the two countries, particularly in the area of the Eastern Economic Corridor (EEC).
The joint committee is the result of Prime Minister Prayut Chan-o-cha's official visit to the US earlier this month and also marks the 185th anniversary of the Thai-US relationship, said Kalin Sarasin, chairman of the Thai Chamber of Commerce (TCC) and the Board of Trade of Thailand.
He said the countries' respective chambers of commerce are drafting a memorandum of understanding (MoU) to create the joint committee.
"We expect the draft of the MoU to be completed within the next two weeks and be ready for the signing ceremony a month from now," Mr Kalin said.
He said the US chamber represents 300,000 companies and the TCC about 100,000. The joint committee will work to increase US investment in Thailand and vice versa.
Mr Kalin said US companies that have invested in Thailand for years have expressed interest in further expansion, particularly in the EEC area.
The EEC is a special economic zone spanning 30,000 rai in the three eastern provinces of Chachoengsao, Chon Buri and Rayong. The project is designed to house next-generation industries focused on technology and innovation.
Sectors of interest to US companies include tourism, medical and banking, Mr Kalin said.
He said the US private sector still wants to use Thailand as an Asean hub.
The joint committee will have representatives from related state agencies such as the Commerce Ministry and the Foreign Affairs Ministry as advisers.
Thailand and the US have a total trade and investment value of US$36 billion (1.19 trillion baht) in the year to date.
According to the Board of Investment, the US ranks as the fourth-largest investor in Thailand after Japan, Singapore and Indonesia.
Major industries in which US companies have invested include chemicals, paper, plastics and automotive.
At least 45 Thai companies have invested in the US, mostly in food processing, automotive, energy, mining and services.