Thailand, Papua New Guinea to double trade value by 2017

BEIJING, CHINA, November 10 (TNA) - Thailand and Papua New Guinea have agreed to double bilateral trade value, to 720 million US dollars, by 2017. Thai Government Spokesman Dr. Yongyuth Maiyalarp told journalists that the agreement was reached during bilateral talks between Thai Prime Minister General Prayut Chan-ocha and his Papua New Guinean counterpart Peter O'Neill in Beijing on Monday morning (local time), on the sidelines of the 22nd Asia-Pacific Economic Cooperation (APEC) Summit. Dr. Yongyuth said that both leaders also discussed economic cooperation, while the Thai premier invited Papua New Guinea authorities and business operators to visit Thailand to boost diplomatic and economic relations. The spokesman elaborated that Thailand is ready to promote bilateral cooperation with Papua New Guinea on trade, investment, fishery, energy and development. According to the spokesman, Thailand is also ready to sign an agreement with Papua New Guinea to end tax duplication and negotiate for mutual investment promotion and protection, while looking forward to signing a pact on fishery cooperation that both sides have already agreed. The spokesman stated that the Thai prime minister took the opportunity to thank Papua New Guinea for understanding Thailand's political development and always supporting the Thai Kingdom. The Thai premier was also set to have bilateral talks with Philippine President Benigno Aquino III on the sidelines of this year's APEC Summit. This year's APEC forums, also dubbed the 2014 Asia-Pacific Economic Cooperation Economic Leaders' Week, include the Concluding Senior Officials' Meeting from November 5-6, the APEC Ministerial Meeting from November 7-8 and the APEC Summit, the 22nd of its kind, from November 10-11. (TNA)