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Thailand and South Korea to double trade within 5 years

Thailand and South Korea agreed on Saturday to work closely together to expand bilateral trade volume to US$30 billion by 2016 as their leaders pledged to upgrade relations between the two countries to a “strategic partnership.

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Thailand and South Korea agreed on Saturday to work closely together to expand bilateral trade volume to US$30 billion by 2016 as their leaders pledged to upgrade relations between the two countries to a “strategic partnership.

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“Thai Prime Minister Yingluck Shinawatra and visiting South Korean President Lee Myung-bak reached the agreement during bilateral talks in Bangkok.Mr Lee, who arrived in Bangkok on Friday, is the first South Korean president to make an official bilateral visit to Thailand in 31 years.

According to the joint statement after the talks, the leaders also agreed to “serious efforts” to conclude a trade and economic cooperation “action plan” for 2013-2017 at an early date to further energise trade and minimise trade barriers. They asked the joint trade committee of both sides to start negotiations as soon as possible.Trade between South Korea and Thailand reached an all-time high of $13.9 billion last year.

Bangkok and Seoul have agreed to seek preliminary discussions and a joint study about forging a comprehensive economic partnership agreement in order to strengthen economic links between the two countries, said the joint statement.

via Thailand, South Korea agree to expand trade to US$30 bln within 5 years | MCOT.net.

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Trade

Thailand to increase rice exports to 6 million tons this year

National News Bureau of Thailand

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BANGKOK (NNT) – The Commerce Ministry has launched measures to increase rice exports to 6 million tons this year, valued at around 150 billion baht, with Indonesia, China, Bangladesh and Iraq set to be the main markets under government-to-government (G2G) deals.

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Singapore

UK exporters’ use of Singapore as ASEAN’s supply chain gateway boosted by new bilateral trade agreement

Singapore’s role as a hub for UK companies, whether as exporters or investors accessing Southeast Asia’s and broader Asian dynamic economies, was elevated by the new UK-Singapore trade agreement (UKSTA) which came into effect on 1st January 2021.

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UK exporters’ use of Singapore as ASEAN’s supply chain gateway boosted by new bilateral trade agreement

There was much controversy, before and after the United Kingdom’s (UK) Brexit from the European Union (EU), in talk of it adopting a free trade and manufacturing model similar to Singapore’s.

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Economics

Cross-border trade is expected to grow up to 3-6%

National News Bureau of Thailand

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BANGKOK (NNT) – Thailand’s cross-border trade is expected to recover to growth of 3-6% this year, helped by COVID-19 vaccine distribution and the global economic recovery.

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Foreign Trade Department Director-General Keerati Rushchano said cross-border trade, which includes transit trade, is likely to generate 1.36 to 1.40 trillion baht, up from 1.31 trillion baht in 2020.

According to Mr Keerati, the key risk factor that may derail border trade growth is the political chaos in Myanmar that will weaken purchasing power there and cause a delay in goods transport.

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