Malaysia,Thailand target US$30bil bilateral trade by 2027

KUALA LUMPUR: Malaysia and Thailand are targeting a bilateral trade of US$30 billion (US$1=RM4.70) by 2027 following the third Malaysia-Thailand Joint Trade Committee (JTC) meeting held today.

The JTC meeting was chaired by both Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz and Thailand Deputy Prime Minister and Commerce Minister Phumtham Wechayachai, underscoring the longstanding economic ties between the two nations.

In a joint media statement, the Ministry of Investment, Trade and Investment (MITI) said trade between Malaysia and Thailand averaged US$24.73 billion per annum in the past seven years (2017-2023), recording the highest value in 2022 at US$27.74 billion.

“Although bilateral trade in 2023 decreased to US$24.83 billion in line with slower global trade, Malaysia was still Thailand’s largest trading partner in ASEAN,” it said.

MITI said among the key agreements reached was the establishment of a Trade and Investment Task Force to enhance border trade facilitation in order to achieve the trade target and increase cross-border connectivity.

Additionally, it said that both countries agreed to facilitate imports and exports of agricultural products and explore cooperation in various fields such as rubber, land transport and connectivity, entrepreneurship, franchise, agriculture and digital environment covering digital identification (ID), data centres, cyber security, digital talent and support private sector cooperation.

“It was also agreed that Malaysia and Thailand continue collaboration in promoting halal products through export promotional activities.

“Meanwhile, under Malaysia’s ASEAN chairmanship in 2025, both countries expressed confidence that the ASEAN Community Vision 2045 and the ASEAN Economic Community (AEC) Strategic Plan(s) 2026-2030 will be finalised by 2025,” it added. – BK