Doubling bilateral trade between Thailand, Russia by 2016 on agenda of meet
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Thailand and Russia aim to double the value of bilateral trade to US$10 billion by 2016 as they cooperate more closely in tourism, investment, and other areas.
This will be announced during the second meeting of the Sub-Commission on Trade and Economic Cooperation between Thailand and Russia, which will be held in Moscow tomorrow and Thursday.
Deputy Commerce Minister Apiradi Tantraporn will lead Thai delegations to meet with Deputy Economic Development Minister Alexey Likhachev to discuss closer economic cooperation between the two nations.The first meeting of the sub-commission was back in 2011.
Last year, bilateral trade value was $3.8 billion, while trade in the first nine months of this year was worth $4.3 billion, and is set to reach $5 billion (Bt164 billion) by the end of 2014.
Apiradi said Thailand and Russia had great potential to expand their economic cooperation.
Thailand could supply many agricultural products, such as rice, pineapple, and fishery products to Russia.
Moreover, the trade sanctions levied against Moscow by Western countries should present Thailand with greater opportunities to export chicken to Russia.
Last year, Russia imported $667.85 million worth of chicken. The United States was its largest poultry supplier, with a 47.8-per-cent market share, followed by Brazil with 27 per cent and Ukraine with 9.75 per cent. Thailand was in 12th place with only 0.51 per cent of the market.
At this week’s meeting, Thailand will ask Moscow to relax its import regulations and sanitary requirements for Thai products for which Russia has high demand.
Support sought
Moreover, Thailand will propose that Russia support investment growth between the two sides. Thailand wants more investment from Russia in rubber processing in Songkhla province, for which the Board of Investment of Thailand could grant tax privileges.
Other sectors to be promoted for investment are research and development, aircraft and parts production, machinery and parts production, and the tourism industry.
Russia is the Kingdom’s second-largest source of foreign tourists after China. Thailand will encourage Russian travellers to spend more while they are here. To that end, it will provide more Russian-speaking guides and cooperate to solve financial problems of tour agencies.
Other issues up for discussion are financial and banking cooperation and jewellery and ornament trading.
