BANGKOK,(NNT) – Thailand and Russia have agreed to cut trade barriers while the latter has expressed its keen interest in investing in Thailand’s Eastern Economic Corridor (ECC).
According to Commerce Minister Apiradi Tantraporn, a joint meeting between Thailand and Russia’s trade and economic cooperation subcommittees has yielded positive results for both nations.
She said the Thai side had expressed its appreciation for Russia’s trust and confidence amid global economic uncertainties stemming mainly from oil price fluctuations.
Thailand and Russia have a history of 120 years of diplomatic ties, as their current relations grow stronger through economic partnerships.
The minister said the meeting had agreed to reduce trade and investment barriers, expecting a five-fold increase in two-way trade in the next 5 years, with a combined trade value of 10 billion US dollars.
In June, Thailand is scheduled to organize a business matching platform in Moscow and Vladivostok, part of the effort to achieve the 10 billion dollars target.
In response, Russia said it was interested in making investments in the Eastern Economic Corridor and would form a joint working committee to work out a plan, as well as conduct a feasibility study on a free trade agreement between Thailand and the Eurasian Economic Union consisting of Russia, Kazakhstan, Belarus, Armenia, and the Kyrgyz Republic.