10:52 | 06/07/2015 Global Economy
Malaysia and Thailand will set up a joint working group to look into issues that are a barrier to trade with the aim of boosting bilateral trade to 30 billion USD by 2018, said Malaysian International Trade and Industry Minister Mustapa Mohamed.
Illustrative image (Photo: AFP/VNA)
The minister made the statement at a joint press conference with Thai Minister of Commerce Chatchai Sarikulya at the end of the second Joint Trade Committee (JTC) meeting held in Bangkok on June 28.
Both countries are confident of clinching increased trade, although bilateral trade fell 1.2 percent to 24.4 billion USD last year, he said, adding that Malaysia exported 12.3 billion USD worth of goods to Thailand.
Thailand is Malaysia's fifth largest trading partner and the latter is Thailand's fourth largest trading partner.
Meanwhile, the Thai Minister said the 30 billion USD target is achievable and trade between two countries will increase.
In a move to boost border trade, he said Malaysia, a rice importer of Thailand, will also look at a proposal to bring rice into the country by road.
A joint statement issued after the meeting said Thailand agreed to coordinate with relevant authorities to consider Malaysia's proposal to facilitate registration procedures for pharmaceutical products.
It will consider guidelines for pre-packed fresh and minimally processed agricultural products exported to Malaysia.
The first JTC between both countries was held in 2005 and the third JTC will be held in Kuala Lumpur next year.
Malaysia have had joint trade committee meetings with 20 countries including India, China, Australia, Indonesia, and Vietnam./.