Thailand-Bangladesh target 1.7 billion US dollar trade

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BANGKOK, 16 May 2013  – Thailand and Bangladesh are aiming to push their trade to 1.7 billion US dollars in 2016, twice as much as both countries’ combined trade value of 850 million dollars in 2012. 

After meeting with Commerce Minister of Bangladesh Ghulam Mohammed Quader at the 3rd Joint Trade Committee meeting or JTC, Commerce Minister Boonsong said both parties have agreed to further cooperate on trade and investment, as both countries are looking to boost their trade value to 1.7 billion US dollars. He also asked Bangladesh to pressure its banks to make payments of imported goods to Thai exporters as soon as the shipment is received. Mr Quader, in exchange, asked Thailand to eradicate tariffs for 229 Bangladeshi products including jute, fish and hemp.

Bangladesh also asked Thailand to help educate its people on rubber farming and rubber production as Thailand is an expert in the field.

Bangladesh is Thailand’s 51st largest global trading partner, accounting for 0.18 percent of all foreign trades. In 2012 Thailand exported 764 million dollars worth of goods to Bangladesh, while importing only 87 million dollars worth of merchandise from it.