Commerce Minister, Mr. Sontirat Sontijirawong says the cooperation will cater to 7 major areas including science/technology, finance, trade, digital tourism, investment, and regional economic cooperation. This brand new framework agreement with China is blueprinted in an aim to double the bilateral trade to US$140 billion by 2021.
Both the countries have agreed on doubling the two-way trade, support Thai entrepreneurs’ participation in the China International Import Expo, hold meetings of the joint committee, and promote cooperation on farm products. And on the investment front, this framework calls for the two parties to promote investment in the targeted industries like smart electronics, affluent, agriculture and biotechnology, logistics and aviation, future food, robotics, and next-generation cars.
On Science
Similarly, the two parties vowed to strengthen the cooperation through human resource cultivation, use of Thailand’s Food Innopolis, participation in China’s space programme, science park development, and technology transfer.
On Digital
5G technology, e-commerce, cyber security, investment in digital parks and connectivity upgrade in digital infrastructure, will be the mail focus of the cooperation.
On Finance
Both the countries agreed on promoting the use of Baht and Yuan in bilateral transactions for trading.
On Tourism
Quality tourism, tourism-related industries, like film shoots, hot springs development, and ferry services, and tourist safety will be the prime concern of the parties.
On the Regional Cooperation Framework
The countries will work to motivate the private sector to utilize the free-trade agreement between ASEAN and China while connecting with the Mekong-Lancang Cooperation, the Ayeyawady-Chao Phraya Mekong Economic Cooperation Strategy, the Greater Mekong Subregion, and the Pan-Pearl River Delta.
To this entire trade arrangement, Mr. Sontirat says, “With at least 1.4 billion people and strong economic growth, China is undeniably one of the world’s economic giants, playing a vital part in driving not only Asia, but the global economy.” In fact, it is in the first nine months of the year, the two-way trade between these two countries topped $45.71 billion that is up by 11.6% from the last year. As for the major exports from Thailand, it included plastic pellets, computers and is parts, rubber and related products, whereas major imports from China were machinery and parts, automobiles and parts, and home electric appliances.
