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Draft IMT-GT joint statement approved

Draft IMT-GT joint statement approved

TUESDAY, April 25, 2017

THE CABINET yesterday approved the draft of a joint statement for the 10th round of talks on the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) at the Asean Summit that takes place from today until Saturday.

At the Cabinet meeting chaired by Deputy Prime Minister and Defence Minister Prawit Wongsuwan yesterday, Athisit Chaiyanuwat, deputy government spokesman, said the statement would be used for a joint meeting of the three countries during the Asean Summit and other relevant meetings.
Prime Minister Prayut Chan-o-cha will join the Asean Summit in Manila, and a parallel session for the IMT-GT will be hosted by Malaysia at the same event.
The leaders of Thailand, Malaysia and Indonesia will discuss the roles of the IMT-GT in strengthening the global economic community. 
Previously, despite of the sluggishness of the global economy, the IMT-GT economy maintained its strength with combined average annual growth of 6.9 per cent from 2011-2015, while its gross domestic product per capita rose to US$13,844, higher than Asean’s $11,009.
The three leaders will ratify two documents. One is “IMT-GT 2036”, which is a guide to drive for the triangle’s development as a subregion with integrated innovation, less inequality and more sustainability, and the other is the five-year plan (2017-2021). 
The three leaders will also discuss implementations under the IMT-GT framework through expediting priority projects including those involving agriculture, food, labour and tourism and reductions of regulatory and process obstacles to transportation and trade, while supporting business investment, particularly in joint infrastructure projects.
The commitment for infrastructure projects worth about $23 billion will be confirmed to support linkages among the three countries in the IMT-GT under the new five-year plan. Public-private partnerships will be the focus.
“The Cabinet acknowledged the guidelines for the IMT-GT subregion’s development in the five-year and following periods, which accord with Thailand’s development of special economic zones. However, the subregion does not include the Eastern Economic Corridor,” Athisit said.