Thailand and Russia sealed their eight-point trade deal and expected to raise the value of bilateral trade to at least US$10 billion in the next three years.
Commerce Minister Jurin Laksanawisit said both sides reached the agreement during a video conference of their sub-committee on bilateral trade and economic cooperation.
Firstly they set the targeted value for three-year bilateral trade from next year to 2023 at US$10 billion, or about US$3 billion a year, he said.
Secondly Russia proposed joint efforts to develop COVID-19 vaccines. Thirdly Thailand asked Russia to import more Thai farm products.
Fourthly Thailand asked Russia to order more natural rubber from Thailand. Fifthly both countries will promote mutual tourism during and after the COVID-19 pandemic. Sixthly Thailand and Russia will promote bilateral e-commerce and online business.
Seventhly both countries will promote multilateral cooperation with Southeast Asia nations and free trade between Thailand and Eurasian countries.
Eighthly Thailand and Russia agreed to sign a memorandum of understanding to expand cooperation between the Thai Ministry of Commerce and the Russian Ministry of Economic Development.