Thailand Targets US$30 Billion in Bilateral Trade With Malaysia

The government will participate in the Joint Trade Committee (JTC) meeting with Malaysia on July 4, aiming to boost bilateral trade to US$30 billion by 2025.

Chotima Iemsawasdikul, director-general of the Trade Negotiations Department, stated that Commerce Minister Phumtham Wechayachai would attend the third JTC meeting between Thailand and Malaysia on Thursday in Kuala Lumpur, Malaysia.

This will mark Thailand’s first JTC meeting with an ASEAN country this year. The meeting is expected to increase trade between the two countries from $25 billion in 2023 to $30 billion by next year, while also accelerating Malaysia’s efforts to expand markets for Thai agricultural products, according to Ms. Chotima.

Additionally, both countries aim to form new partnerships that will benefit their economies and entrepreneurs, aligning with Mr. Phumtham’s policy of promoting trade, reducing trade obstacles, and enabling bilateral trade. The meeting also presents an opportunity to foster economic connections along the border.

Furthermore, there are plans to discuss the formation of a task force focused on cross-border trade and investment.

The agenda will also include the construction of a road that will link Thailand’s Sadao immigration checkpoint in Songkhla with Malaysia’s checkpoint across the border.

Malaysia holds the position of Thailand’s top trading partner within ASEAN and ranks fourth overall. Trade between the two countries amounted to $25 billion last year and reached $10.787 billion in the first five months of this year.

Thailand exported goods worth $5 billion to Malaysia, with imports totaling $5.7 billion. Key exports include cars, auto parts, and computer parts, while common imports comprise crude oil, circuit boards, and chemical products.