A memorandum of understanding (MoU) has been signed between Thailand and China’s Gansu province to boost trade and strengthen bilateral relations.
Commerce Minister Jurin Laksanawisit said the MoU, signed on Wednesday (27 Apr) aims to strengthen bilateral trade partnerships through a mini free trade agreement (mini-FTA). The agreement is expected to add up to 1.26 billion baht in trade value over the next 12 months, with both parties benefiting from cooperation in halal food, agricultural products, and logistics services.
Gansu province is located in Northwest China. The province share borders with Shanxi, Xinjiang, Sichuan, Inner Mongolia, Ningxia, and the country of Mongolia. Gansu is well-known for its rich minerals and plentiful biological resources.
Thailand’s exports to Gansu totaled 301 million baht in 2021, while imports totaled 790 million baht. Thailand’s main exports to Gansu are vegetable seeds, tapioca flour, electrical circuits, fruits, and skincare products, while the country imports frozen potatoes, fresh apples, and copper from the Chinese province.
Meanwhile, trade between China and Thailand last year totaled 3.27 trillion baht, with Thai exports totaling about 1.17 trillion and Chinese imports totaling around 2.12 trillion baht. The bilateral trade accounts for 19.26 percent of Thailand’s total international trade value in 2021.