Thailand plans to boost trade with Russia to $10 bln by 2020

Thailand’s Prime Minister Prayut Chan-o-cha will try to increase the volume of bilateral trade with Russia to $10 billion (330 billion baht) by 2020, the Bangkok Post reported on Thursday citing Deputy Government Spokesperson Lieutenant General Werachon Sukondhapatipak.

He added that during separate meetings with New Zealand PM Jacinda Ardern, Russian President Vladimir Putin and Chilean leader Sebastian Pinera Echenique, the Thai premier focused on cooperation in trade and investment. In order to build a resilient and innovative Association of South East Asian Nations (ASEAN), members must cooperate to boost the value of regional trade, investment and the economy while promoting security, especially by addressing transnational crimes, the Thai head of government pointed out.

The meeting between Putin and Prayut Chan-o-cha took place on November 14, at which the parties highlighted the near 50% growth in bilateral trade in 2017. The number of Russian tourists, who visited Thailand last year, rose by 26%, with those visitors shelling out over $2 bln.

The ASEAN summit opened in Singapore on November 13. A handful of events involving the leaders of Russia, South Korea, and Japan took place the following day. On November 15, the East Asia Summit (EAS) will be held in Singapore with the participation of ASEAN members’ heads of state, including Brunei, Vietnam, Indonesia, Cambodia, Laos, Malaysia, Myanmar, Singapore, Thailand, and the Philippines, and also Russia, Australia, India, China, New Zealand, South Korea, the US, and Japan.