PUBLISHED: 27 Apr 2024 at 05: 27
A letter of intent signed on Friday will help expedite the negotiation process, according to Prime Minister Srettha Thavisin, and Thailand and Bangladesh are both committed to working together toward a free trade agreement (FTA ).
Mr. Srettha expressed his satisfaction that Bangladesh and Thailand have partnered to create an FTA.
Both nations on Friday signed the” Letter of Intent on the Commencement of Thailand and Bangladesh FTA Conversations,” he said.
After meeting with Sheikh Hasina, Mr. Srettha, and witnessing the filing of five Memorandum of Understanding at Government House in Bangkok, Mr. Srettha attended a press conference.
Aside from these, three additional Accords and agreements were signed on Friday: the one on Visa Exemption for Holders of Official Passports, which will make it easier for Thai and Bangladesh leaders to go, an MoU on Energy Cooperation, which will help facilitate the achievement of benefits from power assistance, a MoU on Cooperation and Mutual Assistance in Customs Matters, which will enable effective border power and anti-smuggling procedures, and an MoU on Cooperation in the Field of Tourism, which will enable both
Both parties are aiming to improve cooperation in agriculture, particularly in the halal and food processing sectors, according to Mr. Srettha. He said that the two countries will work together to make the most of their resources to ensure the security of their populations.
” The two nations also give particular importance to the enhancement of connectivity and infrastructure. The introduction of direct shipping between Ranong Port and Chittagong Port will improve maritime connectivity and support economic activity, he said.
Regarding trade, Mr. Srettha stated that both Thailand and Bangladesh welcome the US$ 1.2 billion bilateral trade volume and think both sides can do more to improve economic cooperation.
He claimed that he encouraged the Bangladeshi side to promote investment and make business easier, which would help and draw in more Thai investors.
He stated that Bangladesh will take over as the next Bimstec chair while Thailand will host the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation Summit this year.
Bimstec is said to be a key force behind regional economic growth.