Thailand, Russia are trying to reduce their trade barriers

BANGKOK, April 15 (TNA) -- Authorities of Thailand and Russia will discuss the reduction of trade barriers on April 21. The Commerce Ministry will host the 3rd Sub-Commission on Trade and Economic Cooperation to increase the value of bilateral trade by five times to US$10 billion within 2019. In the meeting of Thai and Russian economic ministers, Thailand would discuss monetary and banking measures and the additional registration of livestock and fishery factories to enhance the export of Thai farm products, Commerce Minister Apiradi Tantraporn said. Besides, Thailand would propose to increase investment and cooperation on energy, sciences, agriculture and customs affairs. Thailand would also push for studies in relation to free trade agreements and the Eurasian Economic Union. The meeting would help facilitate the businesses of Thai and Russian operators and expand bilateral trade as expected, Ms Apiradi said. According to her, Russia is the 32nd most important trading partner of Thailand worldwide and the most important trading partner in Eurasia. It has a population of 142 million people, plentiful oil and gas deposits and advanced technologies. Last year the value of bilateral trade amounted to US$2.35 billion. Russia imports automobiles and parts, rubber products, ornaments, precious stones and canned fruits from Thailand. Meanwhile, it exports crude oil, fertilizers, pesticides, iron and coal to Thailand. (TNA)