Thailand, Papua New Guinea agree to double trade

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BEIJING, Nov 10 — Thai Prime Minister Prayut Chan-o-cha and his Papua New Guinean counterpart Peter O’Neill plan to double their nations’ bilateral trade by 2017. 

Meanwhile, Thailand is ready to sign agreements on fisheries cooperation and ending tax duplication.

Gen Prayut and Mr O’Neill met this morning on the sidelines of the 22nd Asia-Pacific Economic Cooperation (APEC) summit in Beijing set from Nov 9 to 11.

Thai government spokesman Yongyuth Mayalarp said the leaders discussed economic cooperation.

Gen Prayut invited Papua New Guinea officials and the business community to visit Thailand and boost diplomatic and economic relations.

The spokesman said Thailand is ready to promote bilateral cooperation on trade, investment, fishery, energy and development. He said that both countries agreed to double the value of their mutual trade to US$720 million in 2017.

Thailand is is prepared to  end tax duplication, he said, negotiate mutual investment promotion and protection and will sign a pact on fishery cooperation, as already agreed.

The Thai prime minister also thanked Papua New Guinea for understanding the political development of Thailand and for always supporting Thailand, the spokesman said.

Today Gen Prayut was also set to have met for talks with Philippine President Benigno Aquino III.