PUBLISHED : 25 Jul 2023 at 04:00
Trade between Thailand and Malaysia is expected to grow by at least 1.02 trillion baht by 2025, according to deputy government spokesperson Rachada Dhnadirek.
The government also expected to hold Joint Trade Committee (JTC) discussions with Malaysian authorities at the end of this year to strengthen trade cooperation between the two nations further, she said yesterday.
Malaysia is considered Thailand’s number one trading partner among Asean countries, Ms Rachada said.
There was 336 billion baht in trade between the two nations last year, mainly in cars and car parts, oil, and computers and their parts, she said.
Ms Rachada said earlier on July 14 that representatives of the Department of Trade Negotiations of the Commerce Ministry went to Malaysia to visit Datuk Azman Mohd Yusof, secretary-general of Malaysia’s Ministry of Domestic Trade and Cost of Living.
Both agencies discussed franchise businesses, fair domestic trading, and border trading recovery measures during those talks.
Plans were also drawn up to attend each other’s sale expos for wider trading partner establishments.
Ms Rachada said there are six major Thai-based food brands with franchises in Malaysia, while the same number of Malaysian franchise brands are in the kingdom.
She said that many Thai businesses are looking into opportunities in Malaysia, such as those involved in agricultural products, construction, and restaurants.
To support market and partner expansion, the government has held many activities that promote the growing partnership with Malaysia, such as a halal food fair in Malaysia under the name “I Love Thailand Fair.”
“The prime minister expressed his appreciation regarding the growth of trade between both countries,” Ms Rachada added.