Pakistan, Thailand to double trade volume in five years

Prime Ministers of Pakistan and Thailand have agreed to double the volume of bilateral trade within five years and stressed the need to make it more balanced through appropriate measures to encourage more exports from Pakistan to Thailand.  

Thai Prime Minister Yingluck Shinawatra and her Pakistani counterpart Nawaz Sharif took note of the fact that bilateral trade had grown and crossed the one billion US dollar mark in 2011 and expressed their resolve to maintain and further enhance this increase., said a a joint statement issued on Wednesday at the conclusion of Ms. Yingluck Shinawatra visit.

“The two Prime Ministers underlined that expansion of bilateral trade and economic relations remained a high priority. This may include diversification of trade between the two countries to include trade of other products and services such as processed food and food products, especially Halal products,” the statement issued by the Foreign Ministry in Islamabad said.

Both countries signed agreement on Mutual Exemption of Visa Requirements for Holders of Diplomatic Passports, Memoranda of Understanding (MoU) on the Establishment of Joint Trade Committee and MoU on the Establishment of Joint Business Council.

“Both leaders welcomed the signing of the MoUs on the establishment of the Joint Trade Committee (JTC) and the Joint Business Council (JBC). The instruments are aimed at strengthening and expanding trade, commercial and investment ties, contributing to a strong economic partnership that both countries wish to build,” the joint statement said.

The two Prime Ministers reiterated that a Pakistan-Thailand Free Trade Agreement (FTA) would form the centre-piece of economic partnership between the two countries. In this context, they agreed to discuss on the possibility of bilateral FTA under the Joint Trade Committee.

Both Prime Ministers also agreed to enhance connectivity by land, sea and air in order to facilitate trade, investment and people-to-people contacts. They agreed connectivity would be beneficial to both countries as Thailand can be a gateway for Pakistan to South East Asia, while Pakistan can be a gateway for Thailand to Central Asia, and the Middle East and the western region of China.

Both leaders acknowledged the need to enhance security collaboration by encouraging more cooperation on combating terrorism, transnational crimes including drug trafficking and human smuggling through exchange of information and intelligence. They agreed to hold the next meeting under the MoU on Combating Terrorism and Certain Other Crimes in Bangkok at both sides’ earliest convenience.

The Prime Minister of Thailand extended an invitation to the Prime Minister of Pakistan to visit Thailand at a mutually convenient time.

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Posted by Tahir Khan on Aug 21 2013. Filed under Latest News, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.