The Thai government will participate in the Joint Trade Committee (JTC) meeting with Malaysia to discuss a plan to increase bilateral trade to $30 billion by 2025. Chotima Iemsawasdikul, the director-general of the Trade Negotiations Department, mentioned that Commerce Minister Phumtham Wechayachai will attend the third JTC meeting between the two countries in Kuala Lumpur. This meeting, scheduled for Thursday, marks Thailand’s first JTC meeting with an ASEAN nation this year.
The goal of the meeting is to elevate trade between Thailand and Malaysia from $25 billion in 2023 to $30 billion by the following year. It will also focus on facilitating Malaysia’s efforts to open up markets for Thai agricultural goods. Both countries plan to forge new partnerships that will enhance their economies and support entrepreneurs, aligning with Mr. Phumtham’s trade promotion policy aimed at reducing barriers to trade and promoting bilateral cooperation. The meeting will also create opportunities to strengthen economic ties along the border.
Among the initiatives to be discussed are the establishment of a task force for cross-border trade and investment and the construction of a connecting road between the Sadao immigration checkpoint in Songkhla and Malaysia’s border checkpoint. Malaysia stands as Thailand’s top trading partner within the ASEAN region and holds the fourth position overall. Last year, the trade volume between the two countries amounted to $25 billion, with figures hitting $10.787 billion in the initial five months of this year.
Export figures to Malaysia reached $5 billion, while imports stood at $5.7 billion. Notable exports comprise cars, auto parts, and computer components, while common imports include crude oil, circuit boards, and chemical products.
