Thailand, China boost trade alliance amid investment opportunities
Thailand and China have engaged in discussions to enhance trade cooperation, focusing on expanding the market for Thai livestock products and fruits in China, while also welcoming Chinese investment in emerging industries within Thailand’s Eastern Economic Corridor (EEC).
Deputy Commerce Minister Suchart Chomklin, appointed by Commerce Minister Phumtham Wechayachai, participated in the third meeting of the Sub-Committee on Trade and Investment between Thailand and China. He co-chaired the meeting with Li Fei, China’s Vice Commerce Minister.
Efforts are being made to promote bilateral trade cooperation in agricultural products, aiming to boost the competitiveness of Thai goods in China. Various channels, including e-commerce cooperation, trade and investment promotion platforms, and expositions hosted by both countries, are being utilised.
Thai officials have requested that Chinese officials facilitate the export of Thai livestock products and fruits to China.
According to Suchart, Thailand is also inviting Chinese investors to explore opportunities in emerging industries such as electric vehicles, clean energy, digital economy, artificial intelligence, and aerospace science and technology. They are encouraged to take advantage of the existing ASEAN-China Free Trade Agreement and the Regional Comprehensive Economic Partnership.
China has been Thailand’s top trade partner for 11 consecutive years.
In 2023, the trade value between Thailand and China was US$105 billion, showing a slight decline of 0.22% compared to the previous year.
In the first five months of 2024, trade volume between the two nations reached US$45.7 billion, marking a year-on-year increase of 4.24%.
Major Thai exports to China include fresh fruits, plastic pellets, computers and components, rubber products, and cassava products, reported Bangkok Post.
Key imports from China consist of machinery, electrical appliances and components, chemicals, steel and steel products, and automotive parts.
In related news, Chinese Ambassador Han Zhiqiang reaffirmed Beijing’s commitment to supporting Thailand in cracking down on dubious Chinese businesses, while also aiming to enhance bilateral trade and relations. Han made these comments during a seminar held on Tuesday, July 23, to commemorate the 49th anniversary of diplomatic ties between China and Thailand.
