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Thailand, Russia Ink 3-Year Trade, Tourism Deal

Russian Tourists Pattaya Thailand Women

Thailand and Russia have sealed an eight-point trade deal expected to raise the value of bilateral trade to at least US$10 billion over the next three years.

Commerce Minister Jurin Laksanawisit said both sides reached the agreement during a video conference of their sub-committee on bilateral trade and economic cooperation Friday.

Firstly, they set the targeted value for three-year bilateral trade from next year to 2023 at $10 billion, or about $3 billion a year, he said.

Second, Russia proposed joint efforts to develop Covid-19 vaccines. Thirdly, Thailand asked Russia to import more Thai farm products.

Fourth, Thailand asked Russia to order more natural rubber from Thailand and both countries will promote mutual tourism during and after the Covid-19 pandemic.

Sixth, Thailand and Russia will promote bilateral e-commerce and online business.

Finally, both countries will promote multilateral cooperation with Southeast Asian nations and free trade between Thailand and Eurasian countries while both countries also agreed to sign a memorandum of understanding to expand cooperation between the Thai Ministry of Commerce and the Russian Ministry of Economic Development.