Myanmar, Thailand to double bilateral trade within 5 years

MYANMAR, February 3 (TNA) - Myanmar and Thailand have targeted to double bilateral trade between the two neighbouring countries over the next five years. The joint target was set on February 2, the first day that Thai Deputy Prime Minister Somkid Jatusripitak, who oversees economic affairs, officially visited Myanmar to explore expanding trade and investment between the two neighbours. Accompanied by his entourage, including Cabinet members in charge of economic ministries and a group of Thai business operators, the deputy prime minister met Myanmar President Htin Kyaw and State Counsellor Aung San Suu Kyi to strengthen economic cooperation between both countries, during with the joint target on double bilateral trade by 2021 was set, from 6.5 billion baht in 2016. The Thai deputy premier then led his entourage to meet with executives from the Myanmar public and private sectors to also explore expanding cooperation of both countries on trade and investment beneficial to both sides' national economic development, while also connecting the CLMVT group, namely Cambodia, Lao PDR, Myanmar, Vietnam and Thailand, with the immense Chinese economy and other regions worldwide. Besides, four memoranda of understanding (MOUs) were signed between the Myanmar and the Thai governments, including those on cooperation on the development of an emergency unit at Dawei Hospital in Myanmar, on fisheries, the promotion of small and medium-sized enterprises (SMEs) and on the joint development of industrial estates and ports. For cooperation between the Myanmar and the Thai private sectors, 16 MOUs were also inked covering four areas, including SMEs development, industrial investment, human resource development and digital economy. The Thai deputy prime minister later told journalists that his ongoing two-day trip has been well-welcomed by the Myanmar side, a positive sign for further enhancing bilateral cooperation in the future. On the occasion, the Thai deputy premier said discussions with the Myanmar side have also included the development of a cross-border economic route, the East-West Corridor, linking India, Myanmar, Thailand, Lao PDR and Vietnam and the Myanmar side has agreed on the setting up of a working committee to jointly develop the route. The Thai deputy prime minister revealed that both countries have agreed as well on strengthening cross border trade and investment and on designating the Mae Sot-Myawaddy Joint Special Economic Zone, where the Thai baht will be used as the medium of exchange to further boost bilateral trade. (TNA)