April 30, 2013

Thailand, Cambodia to expand corn, cassava trade

Thailand and Cambodia will be setting up a special trade zone that will see the two countries actively trade cassava and corn.

Commerce Minister Boonsong Teriyapirom revealed on April 22 that the Fourth Thailand-Cambodia Joint Trade Committee (JTC) meeting, held last week, saw both countries content with the expansion of cross-border trade, which has been in line with the two neighbours' target.

Thailand and Cambodia have agreed to set an annual trade growth rate of 30% between 2012 and 2015.

Last year, trade between both expanded by 40.5% to US$4.03 billion from US$2.86 billion in 2011.

Boonsong stated Thailand and Cambodia also set up a new joint working committee, tasked with the study of the establishment of a special trade zone for two major agricultural products, which are cassava and corn.

He said that study will cover the entire supply chain for both products and the proposal of the location of the special trade zone.

The Commerce Minister added that another taskforce was also set up to follow up on all steps and report everything to the next JTC meeting in 2014, which will be hosted by Thailand.

Meanwhile, Director-General of the Department of Trade Negotiations Piramol Charoenpao said that the Commerce Minister is soon to travel to Bhutan to sign a trade cooperation agreement of the two countries.

Piramol stated that the upcoming agreement will allow Thai entrepreneurs to penetrate further into more markets, including India and Bangladesh; both of which have strong ties with Bhutan.