Commerce Ministry proposes setting up of JTC to promote Thai-Mongolian trade

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BANGKOK, 3 May 2013  The Commerce Ministry is proposing the establishment of a joint trade committee to promote economic ties between Thailand and Mongolia. Commerce Minister Boonsong Teriyapirom said that, during his trip to Mongolia, he met with the country’s Minister of Economic Development and Minister of Industry and Trade, and all have shown strong determination to strengthen trade and investment ties between the two nations.

Mr. Boonsong was part of Prime Minister Yingluck Shinawatra’s delegation to Mongolia during April 27-29.

The Commerce Minister stated Mongolia is now considered an economy with high potential, due to its political stability, rich mineral resources and strong GDP growth. The country grew 12.6 percent in 2012 while the double-digit growth rate is forecast for the next 10 years.

He added that, during his meeting, a proposal on the setting up of the Thailand-Mongolia Joint Trade Committee (JTC) was made.

Mr. Boonsong said the JTC was proposed to be a formal stage for both nations to discuss economic, trade and investment ties, and to solve any obstacles they may face.

Currently, Mongolia is Thailand’s 158th biggest trading partner, with annual bilateral trade value of approximately 12.07 million US dollars.