Thailand and China’s Guangxi discuss bolstering trade via ILSTC route
Trade discussions took place yesterday between Thailand and China‘s Guangxi Zhuang Autonomous Region, focusing on the potential use of the New International Land-Sea Trade Corridor (ILSTC) to enhance trade cooperation. Guangxi Zhuang, a southern Chinese region adjacent to Vietnam, is the operational hub of the ILSTC, a trade and logistics channel. The route extends from Chongqing to the Beibu Gulf ports in Guangxi, including the port of Qinzhou.
Minister of Commerce Phumtham Wechayachai, also one of Thailand’s Deputy Prime Ministers, addressed the media following a trade meeting with Lan Tianli, chairman of Guangxi Zhuang. The minister highlighted Guangxi Zhuang’s strategic position due to its land and sea connections with Vietnam. Phumtham was in Nanning, China, for the 20th China-Asean Expo (CAEXPO) when the trade discussions took place.
The Deputy Prime Minister noted that Thailand could increase its goods transportation to China via Guangxi Zhuang, given the region’s excellent land and marine transport infrastructure. In particular, he noted that Thai fruits could reach China more quickly and stay fresh for Chinese consumers.
China has been Thailand’s top trading partner for over a decade. In 2020, Thailand exported goods worth 1.19 trillion baht to China, and from January to July this year, the figure stood at 695.51 billion baht. Rubber products, cassava products, and plastic pellets are among the goods exported to China, while Thailand imports electrical and mechanical machines, chemicals, electric appliances, and computers.
In 2020, trade between Thailand and Guangxi Zhuang specifically amounted to 153 billion baht, with Thailand exporting goods worth 75 billion baht to Guangxi Zhuang. This represented 6.3% of Thailand’s total exports to China.
The two leaders also discussed bolstering Guangxi Zhuang’s economic development and continuing to strengthen trade, investment, and logistics cooperation between Guangxi Zhuang and Thailand’s Industrial Estate Authority and Board of Investment. The Thai Deputy Prime Minister also briefed Chinese officials on a new visa waiver for Chinese visitors to Thailand, which he believes will boost trade and investment between the two nations, reports Bangkok Post.
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