Malaysia, Thailand to set up joint task force to boost bilateral trade to US$30 bil by 2027

Malaysia, Thailand to set up joint task force to boost bilateral trade to US$30 bil by 2027

04 Jul 2024

Malaysia and Thailand have agreed to set up a joint task force focusing on streamlining border trade and investments in both countries to achieve US$30 billion (RM141.29 billion) in bilateral trade by 2027.

The decision on the task force was made at the joint trade committee (JTC) meeting between Malaysia and Thailand hosted by Malaysian Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz here on Wednesday. Meanwhile, Thailand was represented by its deputy Prime Minister and Commerce minister Phumtham Wechayachai.

In the past seven years (2017-2023), trade between Malaysia and Thailand averaged US$24.73 billion per annum, recording the highest value in 2022, at US$27.74 billion, according to the Ministry of Investment, Trade and Industry (Miti) in a statement on Thursday.

“Although bilateral trade in 2023 decreased to US$24.83 billion in line with slower global trade, Malaysia was still Thailand’s largest trading partner in Asean.” Miti said.

It said that the task force aims to increase cross-border connectivity between both countries and facilitate imports and exports of agricultural products and explore cooperation in various fields such as rubber, land transport and connectivity, entrepreneurship, franchise, agriculture and digital environment.

Both countries also agreed to continue collaboration in promoting halal products through export promotional activities.

As for Malaysia’s Asean Chairmanship in 2025, both countries expressed confidence that the Asean Community Vision 2045 and the Asean Economic Community (AEC) Strategic Plan 2026-2030 will be finalised by 2025.

Source: The Edge Malaysia