Thailand to push ahead border trade development at 3rd Thailand – Malaysia JTC meeting
Government Spokesperson Chai Wacharonke disclosed about Prime Minister Srettha Thavisin’s commitment to push forward tangible development of Thailand – Malaysia border area in all dimensions, especially the border trade, for the interest of the local people.
On July 4, 2024, Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai will lead the Thai delegation to attend the 3rd Thailand – Malaysia Joint Trade Committee (JTC) Meeting in Kuala Lumpur, Malaysia.
Thailand – Malaysia border trade value in the first 5 months of 2024 has reach US$10 billion
With the PM’s commitment, the potentials of both countries, and tireless effort of relevant agencies,
Thailand – Malaysia border trade value in the first 5 months of 2024 has amounted to more than USD10 billion. With this milestone,
it is expected that Thailand -Malaysia trade value would reach the target of USD30 billion by the year 2025. The target has been set by the Prime Ministers of both sides.
Promotes intra-trade to reach US$30 billion in 2025
The upcoming 3rd Thailand – Malaysia JTC meeting will be this year’s first JTC meeting between Thailand and an ASEAN country. It will be a key mechanism to push for trade growth between Thailand and Malaysia from US$25.11 billion in 2023 to US$30 billion in 2025. At the meeting,
Thailand will call on Malaysia to import more Thai agro products, and will propose an establishment of a border trade working group
and a construction of a road linking the new Sadao border checkpoint with Malaysia’s Bukit Kayu Hitam Checkpoint.
Malaysia is Thailand’s no. 4trade partner and 1st among ASEAN countries. In the first 5 months of 2024 (January – May 2024), Thailand – Malaysia trade value is at US$10.78 billion. Thailand exports to Malaysia worth US$5.04 billion.
Major export products are such as agricultural products (e.g., rubber, rice, chilled and frozen chicken),
automobiles and parts, and computers and accessories, whereas imports from Malaysia, e.g., crude oil, electrical circuit boards, and chemicals, totaled US$5.74 billion.
According to Mr Chai, the PM stands ready to work together with the Malaysian counterpart to forge friendship and cooperation. He is confident that the 3rd Thailand – Malaysia JTC meeting will greatly contribute to an increase of trade and investment volume in all potential dimensions, and to economic advancement for better livelihood of people of the two countries.
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