Cabinet okays MoU on expanding trade cooperation with Russia, targets $10 billion
At its weekly meeting on Tuesday, the Cabinet gave the green light to a memorandum of understanding (MoU) on the expansion of trade and economic cooperation between Thailand and Russia.
The objective of the MoU is to enhance and strengthen relations, as well as expand economic cooperation and technological development.
The Thai-Russian Trade and Economic Cooperation subcommittee has set a trade-value target of US$10 billion by 2023 and will discuss cooperation on a sector-by-sector basis, such as:
• Agriculture: Russia urged to consider importing Thai agricultural produce and rubber.
• Industry: Both sides eyeing a joint working group on industrial development.
• Technology: Russia keen on cooperating in advanced technology fields with Thailand’s Higher Education, Science, Research and Innovation Ministry and collaborate in quantum engineering, DNA, data storage and nanorobotics among others.
• Business: Both countries want to promote business activities via online platforms such as online business matching and virtual trade fairs.
• Multilateral and regional cooperation: Thailand wants Russia to support FTA negotiations between Thailand and the Eurasia Economic Union.
• Banking and Finance: Russia wants Thailand to support the use of the MIR card for the convenience of Russian tourists in a bid to accelerate tourism recovery after the Covid crisis.