Sino-Thai trade to hit $120 billion by 2016

The statement will be part of the official visit of Prime Minister Yingluck Shinawatra to China from April 17-20.
Commerce Minister Boonsong Teriyaphirom, who will join the mission, said yesterday that the two countries had high potential to increase trade significantly.
Yingluck and Chinese Premier Wen Jiabao will also ink three agreements under the five-year plan to promote trade.
The first agreement will cover trade and manufacture of farm products, development of basic infrastructure and tourism promotion.
The second agreement will promote trade of agricultural goods by setting up a mechanism to eliminate obstacles. The two countries will also conduct activities to promote trade in farm products.
Last, the Thai Commerce Ministry and the China State Administration for Industry and Commerce will jointly establish a centre for the exchange of information on trade laws and rules involving trade competition, intellectual-property rights, business registration and trade facilitation.
The agreement is aimed at increasing the understanding of the two countries’ enterprises.
Srirat Rastapana, director-general of the Trade Negotiations Department, said Thailand and China should be able to increase trade and investment significantly with closer cooperation in many sectors.
Two-way trade jumped 27 per cent to $58 billion (Bt1.8 trillion) last year. Thailand was locked in a trade deficit with China amounting to $3 billion.
Thai exports to China increased 27.6 per cent to $27 billion. The major exports were rubber, computers and parts, chemical products, plastic, rubber products, and tapioca products.
Major imports from China were electronic machinery and parts, computers, electrical appliances, and steel and iron.