Thailand, Bangladesh agree to boost bilateral trade

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BANGKOK, May 15 – Enhanced Thai-Bangladeshi cooperation will double the trading volume between the two countries to US$1.7 billion in the next three years, Thailand’s commerce minister said today. 

Boonsong Teriyapirom said after a meeting of the Thai-Bangladeshi trade committee that the two countries agreed to map out an “operation plan” to minimise their trade imbalance, jointly organise trade exhibitions, and exchange trading knowledge to facilitate Thai and Bangladeshi investors.

Thailand will set up a committee to specially study the possibility of selling essential products to Bangladesh on a government-to-government basis, he said.

The two countries agreed to promote business and investments and abolish obstacles to boost bilateral trade, he said, adding that Bangladesh has revoked a requirement for Thai exporters to apply for non-radiation certificates for Thai goods.

Thailand has asked Bangladesh to urge its financial institutions and service agencies to offer financial support to Thai exporters while the Bangladeshi delegation asked for tariff exemptions for 229 items of goods to Thailand, Mr Boonsong said.

Last year’s trade volume between the countries was US$851.36 million, representing 0.81 per cent of Thailand’s total volume.

The value of Thai exports and imports was $764.47 million and $86.89 million respectively. It is expected that the volume of bilateral trade will grow 20 per cent from last year.