Thailand boosts trade with China

19/08/2023 17:24

Thailand’s Commerce Ministry recently signed a memorandum of understanding (MoU) to form a deeper trade partnership through a mini-free trade agreement (mini-FTA) between Thailand and China’s Yunnan province.

Thai fruits - Illustrative image (Photo: thainews.prd.go.th)

Bangkok (VNA) - Thailand’s Commerce Ministry recently signed a memorandum of understanding (MoU) to form a deeper trade partnership through a mini-free trade agreement (mini-FTA) between Thailand and China’s Yunnan province.

Phusit Rattanakul Sereeruengrit, director-general of Thailand’s Department of International Trade Promotion, said that the mini-FTA will facilitate the expansion of cooperation in various industries including logistics and cross-border e-commerce.

Notably, Thailand, as a significant exporter of agricultural products and essential foods, is expected to increase its export of fruits and processed foods to the Chinese market, said Phusit, adding that the agreement also reflects the readiness of both the Thai and Chinese governments to contribute to the economic development of both nations.

This is Thailand’s 8th mini-FTA and the country is eying more trade cooperation with minor cities after the previous mini-FTAs resulted in a significant growth of Thai exports.

Total trade in 2022 between Thailand and Yunnan reached 2.34 billion USD, representing a year-on-year rise of 17.9%./.

VNA