Thailand’s export promotion plan targets partner economies’ secondary cities. Mini-FTAs do this. Two similar accords with two Chinese provinces have already improved bilateral trade. A year after the Mini FTA took effect, commerce with Hainan has nearly doubled. The commerce ministry wants to broaden the pact to boost bilateral trade.
The visit of Hainan Province Vice Governor Shen Danyang and his group to Thailand was welcomed by Minister of Trade Jurin Laksanawisit. Mr. Juring and Mr. Shen discussed export promotion and bilateral trade.
The Thai side requested that the Thai-Hainan Mini FTA, which went into effect in August 2021, be enlarged. The Mini FTA has resulted in successful talks regarding products sales and collaborative training sessions for Thai and Hunan company operators. As a consequence, the bilateral trade value increased by 91.9% to 18.2 billion baht in 2022. Thailand increased its exports to Hainan by 66.8% to 10.465 billion baht. Rubber, fruit, chemical goods, and minerals were among the most important products. The Thai side advocated having additional product purchasing and selling talks as well as trade visits. The Thai side also requested that the Hainan delegation promote the selling of Thai items in Hainan duty-free outlets. Delegates from Thailand urged Hainan businesspeople to participate in Thai product exhibits such as STYLE Bangkok, THAIFEX-ANUGA ASIA, and the Bangkok Gems & Jewelry Expo.
Representatives from Hainan welcomed Thai businesspeople to the 3rd China International Consumer Products Exhibition, popularly known as the Hainan Expo. Thailand will send representatives from at least 20 firms to the April exhibition.
The provincial administration of Hainan has encouraged Thailand’s Ministry of Commerce to establish a trade office in Hainan to promote Thai products. This would suit Hainan’s future ambition of becoming a “free trade port” or special economic zone.
Thailand presently has Mini FTAs with the Chinese provinces of Hainan and Gansu. It intends to sign similar agreements with Shenzhen and Yunnan province in the near future.
