InterPlas Thailand: Thailand, Bangladesh to double trade

The third Thailand-Bangladesh Joint Trade Committee meeting, held in Bangkok over the past two days, reaffirmed the target set by the prime ministers of both countries to double last year's bilateral trade value of US$1.7 billion (Bt50.5 billion) by 2016, Commerce Minister Boonsong Teriyapirom said yesterday.

Both sides welcomed the revitalisation of the Thailand-Bangladesh JTC, whose last meeting was held in Bangladesh back in 1989.

Viewpoints were exchanged with the aim of strengthening the bond between the two countries, leading to increased bilateral trade and enhanced economic cooperation, the minister said.

Regarding Thailand's concerns about the delay in the settlement of letters of credit by the commercial banks of Bangladesh and the "unnecessarily burdensome" radiation certificates required for the import of Thai agricultural and food products, Bangladesh will take the government's views into consideration in an attempt to resolve these issues, he said.

Moreover, as many Thai investors are interested in investing in Bangladesh in sectors such as infrastructure development, textiles, food processing and fisheries, and more importantly in developing and setting up industrial estates in the country, Bangladesh agreed to facilitate and promote more investment from the Kingdom, he added.

The meeting also explored the opportunities to reduce trade barriers. Boonsong said Thailand would take into consideration the incorporation of some of Bangladesh's priority products into the "duty-free, quota-free package", which the government intends providing to the World Trade Organisation's least-developed countries.

Thailand will also provide technical assistance in response to Bangladesh's request for technical aid on the development of rubber plantation, processing and production.
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