Commerce Ministry confident Thai trade to Sri Lanka-Maldives to double in 5 years

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BANGKOK, 29 May 2013 The Commerce Ministry is confident that Thailand’s trade with Sri Lanka-Maldives will double by 2018. 

Commerce Minister Boonsong Teriyapirom said on Wednesday that Prime Minister Yingluck Shinawatra will lead a Thai delegation on an official trip to Sri Lanka and Maldives from May 31 to June 2.

Mr. Boonsong stated that the visits are intended to boost trade and investment between the two states and Thailand.

He added that the Commerce Ministry already set a target to double trade with Sri Lanka and Maldives within 5 years.

The Commerce Ministry said he will be signing the Trade and Economic Cooperation Agreement between Thailand and Maldives and discuss many issues, from tourism to education, healthcare service and construction with the Minister of Economic Development of the Republic of Maldives.

He went on to say that Sri Lanka is Thailand’s fourth-largest trading partner in South Asia, after India, Bangladesh and Pakistan, with an average annual trade value of 288 million US dollars.

Mr. Boonsong said that Thailand and Sri Lanka can further promote trade with each other as there remain many other items yet to be included in bilateral trade.

The Commerce Minister said that the Republic of Maldives is Thailand’s 104th largest trading partner, with an average annual trade value of 40.33 million baht and an annual growth rate of 9.07 percent.