Thailand, US to boost bilateral trade

NONTHABURI, Oct 6 (TNA) -- Thailand and the United States agreed to promote bilateral trade and investment, setting aside a trade deficit issue, said Commerce Minister Apiradi Tantraporn. The agreement resulted from Prime Minister Prayut Chan-o-cha’s visit to the US during Oct 2-4. The leaders of both nations met, developed mutual understanding and agreed to promote mutual benefits, Ms Apiradi said. She said Thailand is interested in importing high-technology products from the US to improve its trade. Last year the value of Thai-US trade stood at US$36.5 billion. Thailand’s exports to the US were estimated at US$24.5 billion and its imports from the US amounted to US$12 billion. In 2016, Thai business people invested US$5.6 billion in the US and their businesses created about 80,000 jobs there. They plan to additionally invest US$8.3 billion and hire more than 10,000 people in the US. The prime minister and the US president assigned their subordinates to discuss solutions to bilateral trade barriers later, Ms Apiradi said. During the visit, the prime minister asked the US to facilitate its import of Thai farm products including fruits. The commerce minister also said that during the visit the American and Thai chambers of commerce agreed to sign a memorandum of understanding to promote business cooperation related to energy, services, innovation, information technology, education, medicine, health, and food security. Besides, both chambers agreed to have annual meetings, Ms Apiradi said. (TNA)