Cabinet okays MoU on expanding trade cooperation with Russia, targets $10 billion

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.