Thailand has expanded commercial cooperation with China by revising the China-ASEAN Free Trade Agreement (FTA), as well as developing smaller FTAs with Chinese cities and provinces, according to Deputy Prime Minister Jurin Laksanawisit.
The statement was made by Thai Deputy Prime Minister and Commerce Minister Jurin Laksanawisit on Wednesday at the Thai-Chinese Chamber of Commerce (22 Feb).
Minister Jurin stated that the two countries have practical collaboration through institutions such as the Regional Comprehensive Economic Partnership (RCEP) and mini-free trade agreements (FTAs) between Thailand and Chinese provinces such as Hainan and Gansu.
He also stated that the Thai side has sought to expand the Thai-Hainan Mini FTA, citing progress in discussions over products sales and joint training sessions for Thai and Hainan business operators.
According to the commerce minister, this led in a 91.9% increase in bilateral trade value in 2022 to 18.2 billion baht (US$527 million).
The press conference also revealed that the World Chinese Entrepreneurs Conference (WCEC) will begin on June 24 in Bangkok.
In 2022, China was Thailand’s top trading partner, with a bilateral trade value of 3.69 trillion baht (US$107 billions), accounting for almost 18% of Thailand’s total foreign trade volume.
The event, according to Narongsak Putthapornmongkol, president of the Thai-Chinese Chamber of Commerce, is intended to assist hasten the country’s post-pandemic recovery and promote Thailand among Chinese firms globally.
He also stated that the WCEC, which will be held on June 24-26 at the Queen Sirikit National Convention Center, which also hosted the APEC 2022, is projected to attract over 3,000 attendees.
The event’s registration will start in early March.
The WCEC, founded in 1991, is a significant biennial gathering for Chinese businesspeople worldwide. Its goal is to create an economic network that connects Chinese entrepreneurs all over the world.