Thailand and Cambodia have vowed to increase bilateral trade to US$15 billion within the next two years, Prime Minister Paetongtarn Shinawatra said.
She made the remarks at the start of her two-day official visit to the neighbouring country on Wednesday.
Ms Paetongtarn attended a welcoming ceremony at the Peace Palace in Phnom Penh before attending a plenary meeting with Cambodian Prime Minister Hun Manet.
They then witnessed the signing of important documents and jointly presided over the launch of a logo marking the 75th anniversary of the establishment of diplomatic relations between the two countries.
Speaking at a joint press conference, Ms Paetongtarn said she and her Cambodian counterpart had engaged in a friendly and productive discussion.
"We share a strong commitment to deepen our cooperation based on mutual trust, mutual respect, and mutual benefit," she said.
Both sides reaffirmed their strategic partnership, she said, adding that a joint action plan was being finalised to ensure this partnership delivers tangible benefits for the people of both countries.
The two countries also welcomed the opening of the Thai Consulate General in Siem Reap and the upcoming Cambodian Consulate General in Songkhla province.
Ms Paetongtarn said both sides agreed to strengthen their security partnership and promote closer military cooperation at all levels to maintain peace and stability along their common border.
She said she thanked Hun Manet for the strong partnership between the respective police forces of the two countries in fighting online scams.
"We will continue to cooperate to eradicate these criminal networks from the Thai-Cambodian border areas," she said.
The signing on Wednesday of a memorandum of understanding on transboundary environmental pollution cooperation will also strengthen cooperation against PM2.5 pollution through an exchange of information and capacity building among agencies of the two countries, she said.
The Thai premier said Thailand and Cambodia are committed to speeding up the development of border areas, as Thailand is ready to host a joint cabinet retreat in one such area.
The two countries will speed up de-mining efforts along the border and promote cooperation between special economic zones in border areas on both sides, she added.
"We will also work to conclude the bilateral road transport agreement to allow private vehicles to cross the border, and develop a cross-border rail freight service to reduce logistics costs and increase efficiency, thereby strengthening connectivity between our two countries and beyond," Ms Paetongtarn said.
"We will deepen economic cooperation and aim to increase our trade from US$10 billion to $15 billion by 2027," she added.
Ms Paetongtarn said she appreciated Hun Manet's continued support for Thai investors, currently the 9th-largest source of foreign direct investment in Cambodia.
Moreover, the two countries agreed to coordinate within Asean to deepen regional economic integration as well as foster closer economic links within the Mekong Subregion.
They also pledged to strengthen tourism cooperation and advance the "Six Countries, One Destination" initiative, as well as update the border-crossing agreement to facilitate border crossings for tourism, she said.
Ms Paetongtarn went on to say the two countries would ensure Cambodian workers are recruited through legal channels so they can enjoy the appropriate welfare and benefits.
Thailand and Cambodia on Wednesday signed a number of documents, including an agreement on the management, maintenance, and usage of the Thailand-Cambodia Friendship Bridge (Ban Nong Ian–Stung Bot), an MoU on transboundary environmental pollution cooperation, an agreement on the employment of workers between the two countries and a pact on labour cooperation.
Others included an agreement to build a new bridge at a border checkpoint at Ban Pak Kard in Chanthaburi's Pong Nam Ron district, and set up a skills development centre.