China and Thailand continue to develop their trade relations as they look forward to strengthening regional cooperation.
According to Xinhuanet, imports and exports between China and Thailand have also increased to 0.8 percent and 1.2 percent, respectively. The trade ties between the two countries have been steadily improving in recent years by the ASEAN Free Trade Agreement (CAFTA).
Vice-chairman and secretary-general of the Thai Chamber of Commerce in China claimed that Chinese enterprises are among their best business partners who invest in the East Economic Corridor (ECC). The ECC also opens doors for more investment opportunities from China as well.
Among the developments that both countries are willing to add to their trade deal is the entry of high-technology industries, automobiles, and digital commerce. The Belt and Road Initiative (BRI) also connects the development strategies of both countries and Thailand looks to develop the EEC into a high value-added industrial zone. The development was perceived to provide better investment opportunities for China in the technological sector.
A researcher with the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce Yuan Bo claimed that both countries have lifted their imposed tariffs on vegetables and fruits since 2003. Moreover, they both agreed to relevant preferential tariff treatments which boomed in the China-ASEAN free trade zone.
Due to the reduction of tariffs, vegetable exports to China from Thailand rose to 1.93 billion USD which is ten times larger compared to values in 2002. Investments between the two countries have also been flourishing that Thai companies are among the first international firms to engage in trade with China.
China and Thailand are currently trading 66.4 billion US dollars for the first two quarters of 2019. The value has been up to one percent compared to last year and both countries expressed their willingness to expand their trade relations.
In other news, Thai Prime Minister Prayut Chan-o-cha also commanded China at the 35th Association of the Southeast Asian (ASEAN) Summit for its contributions to regional prosperity.
Thai government spokeswoman Narumon Pinyosinwat revealed that Thai's appreciation for China would boost trade benefits between the two countries. She revealed that a protocol upgrade of the ASEAN-China Free Trade Agreement (FTA) was applied and improved operations in the EEC.
Pinyosinwat also added that Thailand's smooth trade negotiations with China ensure the former's participation in the Regional Comprehensive Economic Partnership (RCEP). She noted that China has shown a deep commitment to increasing its bilateral trades and investments and would result in global economic growth.
