BANGKOK, Dec 14 (TNA) – Thailand and Russia are strengthening ties and wishing to double the value of bilateral trade to US$10 billion next year.
Deputy Commerce Minister Weerasak Wangsuphakijkosol said Timur Maksimov, Deputy Minister for Economic Development of the Russian Federation, called on him on Dec 12 to develop bilateral cooperation on economy, trade and investment and also discuss Russia’s roles in hosting a meeting of a bilateral sub-committee on trade and economic cooperation next year. Solutions to trade expansion and obstacles of trade and investment were among discussed topics, Mr Weerasak said.
The Thai Commerce Ministry and the Ministry for Economic Development of Russia were revising their memorandum of understanding on trade and economic cooperation in order to raise the value of bilateral trade to US$10 billion. Both sides plan to conclude the revision in the bilateral meeting in Russia next year.
Russia is the 28th biggest trading partner of Thailand. Last year bilateral trade was valued at US$3.48 billion, rising by 15.4% from the previous year. Thai exports to Russia were estimated at US$1.16 billion and its imports from Russia amounted to US$2.32 billion.
Main exports to Russia included automobiles and parts, rubber products, gems and jewellery and canned and processed fruits. Among major imports from Russia were fuel from the iron and steel industry, fertilizers, aluminum and aluminum products. (TNA)
