Prayut, Ismail set $30bn trade target

Prayut, Ismail set $30bn trade target

Prime Minister Prayut Chan-o-cha greets his Malaysian counterpart Ismail Sabri Yaakob at Government House on Friday. Both leaders agreed to strengthen bilateral ties and economic cooperation during talks. It was the Malaysian leader's first visit to the kingdom since taking office in August last year. (Photo: Chanat Katanyu, Bangkok Post)
Prime Minister Prayut Chan-o-cha greets his Malaysian counterpart Ismail Sabri Yaakob at Government House on Friday. Both leaders agreed to strengthen bilateral ties and economic cooperation during talks. It was the Malaysian leader's first visit to the kingdom since taking office in August last year. (Photo: Chanat Katanyu, Bangkok Post)

Thailand and Malaysia have agreed to target bilateral trade of US$30 billion (973.5 billion baht) by 2025.

The announcement was made by government spokesperson Thanakorn Wangboonkongchana after Prime Minister and Defence Minister Prayut Chan-o-cha met with Malaysia's Prime Minister Ismail Sabri Yaakob on Friday at Government House.

Gen Prayut said the first official visit of a foreign leader to Thailand since the outbreak of Covid-19 underscores the close relations between the two countries.

They reached agreements in several key areas.

The first is connectivity, with both countries to resume border crossings for fully vaccinated travellers with quarantine-free travel.

A joint working group will be set up to set guidelines for this, while construction projects along the border will soon be resumed to promote trade, investment and tourism.

With border and transit trade volumes having increased during the pandemic, the two sides agreed to try and achieve bilateral trade of $30 billion by 2025 and concurred that the 3rd Meeting of the Joint Trade Committee should be convened at the earliest opportunity.

Both countries will also explore new opportunities towards a sustainable economy, including the digital economy and Bio-Circular-Green (BCG) Economy model.

On promoting border development, Gen Prayut extended an invitation to Malaysia's private sector to invest in development projects in the southern border provinces, including in rubber and halal industries.

Security in the region and related policies were also discussed and clarified.

The two leaders exchanged views on the role of the Association of Southeast Asian Nations (Asean) in addressing the situation in Myanmar to help shore up the solidarity of the bloc and maintain a strategic balance in the region.

Gen Prayut also thanked Malaysia for its support of Thailand's Asia-Pacific Economic Cooperation (Apec) host year.

Later, they visited an arts and handicraft exhibition at the Central Hall of the Santi Maitri Building, before Gen Prayut hosted a dinner reception.


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