Thailand, Malaysia enter closer trade cooperation

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Thailand MalaysiaThailand and Malaysia have agreed to foster cooperation on trade and investment in six sectors, which are oil and gas, energy, rubber, automobiles, sugar and rice and tourism.

Thailand’s Commerce Minister Niwatthumrong Boonsongpaisan said the two countries would promote more cross-border trade as the border between Malaysia and Thailand was a “major trading channel.” To that end, the two governments will streamline customs procedures and facilitate logistics growth on both sides.

Value of cross-border trade between Thailand and Malaysia accounted for $16.5 billion in 2012.

Niwatthumrong, who is also a deputy prime minister, said trade could grow strongly under the Kingdom’s plan to draw Malaysian investors to do business here. He said the investment-promotion plan would focus on border provinces in the Southern region, and sectors that investors are interested in include halal food production and rubber.

To tighten cooperation between the two countries, Thailand is scheduled to host the second Joint Trade Committee meeting in Chiang Mai in mid-November 2013.

Malaysia is Thailand’s largest trading partner in ASEAN, and the fourth-largest overall. Bilateral trade has grown by an average of 10.54 per cent annually during the past five years. In 2012, two-way trade was worth $26.5 billion. In the first half of 2013, trade was up 1.59 per cent to $13.04 billion. Thailand locked in a trade deficit of $294.23 million.

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Reading Time: 1 minute

Thailand and Malaysia have agreed to foster cooperation on trade and investment in six sectors, which are oil and gas, energy, rubber, automobiles, sugar and rice and tourism.

Reading Time: 1 minute

Thailand MalaysiaThailand and Malaysia have agreed to foster cooperation on trade and investment in six sectors, which are oil and gas, energy, rubber, automobiles, sugar and rice and tourism.

Thailand’s Commerce Minister Niwatthumrong Boonsongpaisan said the two countries would promote more cross-border trade as the border between Malaysia and Thailand was a “major trading channel.” To that end, the two governments will streamline customs procedures and facilitate logistics growth on both sides.

Value of cross-border trade between Thailand and Malaysia accounted for $16.5 billion in 2012.

Niwatthumrong, who is also a deputy prime minister, said trade could grow strongly under the Kingdom’s plan to draw Malaysian investors to do business here. He said the investment-promotion plan would focus on border provinces in the Southern region, and sectors that investors are interested in include halal food production and rubber.

To tighten cooperation between the two countries, Thailand is scheduled to host the second Joint Trade Committee meeting in Chiang Mai in mid-November 2013.

Malaysia is Thailand’s largest trading partner in ASEAN, and the fourth-largest overall. Bilateral trade has grown by an average of 10.54 per cent annually during the past five years. In 2012, two-way trade was worth $26.5 billion. In the first half of 2013, trade was up 1.59 per cent to $13.04 billion. Thailand locked in a trade deficit of $294.23 million.

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