Thailand inks deals to sell rice, rubber to China

BANGKOK, December 4 (TNA) - The Thai Ministry of Commerce has signed a government-to-government contract with China's National Cereals, Oils and Foodstuffs Import and Export Corporation (COFCO) to export one million tons of rice to China from December 2015 to December 2016. The rice deal was signed in Bangkok on Friday, when both countries also signed cooperation agreements on the development of a railway project in Thailand and the export of 200,000 tons of Thai Para rubber to China's Sinochem Group. Present at the signing ceremony of the accords included Thailand's Commerce Minister Apiradi Tantraporn and Transport Minister Arkhom Termpittayapaisth. Under the rice contract, about 100,000 tons of quality Thai grains will be delivered to China monthly next year with prices to be based on global prices at the time of delivery. Since the Thai army-led National Council for Peace and Order (NCPO) took over Thailand's administrative power in May 2014, the Thai government has sealed government-to-government deals to export rice to China, Indonesia and the Philippines. Including the latest agreement with the Chinese government on December 4, all the G2G rice deals have covered 3.4 million tons of Thai grains, worth about 50 billion baht. Besides, the Thai government plans to ink such deals with other countries in Africa and the Middle East in the future. (TNA)