As a result of talks conducted during the Joint Trade Commission (JTC) held in Phnom Penh yesterday, Cambodia and Thailand have agreed to establish a working group to address trade issues, with both countries hoping the initiative will bolster commercial ties and help them achieve $15 billion in bilateral trade.
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The new committee, composed of officials from the ministries of commerce of both nations, will convene every three months to discuss trade concerns and monitor the progress of initiatives.
A key concern of the new working group will be attracting Thai investors into the kingdom to reduce trade imbalances between the countries, according to officials from the Cambodian Ministry of Commerce.
“Cambodia and Thailand have agreed to establish a working group to facilitate trade and investment,” Cambodian Minister of Commerce Pan Sorasak told reporters after his meeting with Thai counterparts.
Thailand also agree to increase investment in Cambodia’s agricultural sector, Mr Sorasak said.
“The meeting was quite successful. We talked about every aspect of our bilateral trade and set up a committee to solve and discuss problems,” Thai Commerce Minister Sontirat Sontijirawong said.
“The outcomes of this meeting will help us reach our goal, which is attaining $15 billion in bilateral trade.”
Last year, trade between the countries was valued at $6 billion, 10 percent higher than the year before. Cambodian exports to Thailand were worth $900 million.
A series of infrastructure projects, including the opening a several border checkpoints and a new railway line between the countries, is expected to bolster commerce in upcoming years.