Minister of Foreign Affairs of Mongolia B.Battsetseg met with Mr. Pumtam Vechayachai, Deputy Prime Minister and Minister of Commerce of the Kingdom of Thailand, during her official visit to Thailand on April 23, 2024.
During the meeting, both sides expressed satisfaction with the growing trade, investment, and economic cooperation between the two countries, and reiterated their commitment to further expanding and developing mutually beneficial cooperation.
The sides agreed to enhance the bilateral mechanism of the Joint Trade Committee established in 2022 between Mongolia and Thailand and to convene the second meeting of the Committee in Bangkok this year. In alignment with the “Five-year plan for Cooperation between Mongolia and Thailand in 2022-2027”, they affirmed their commitment to collaborate closely to increase bilateral trade turnover to 100 million USD and investment to 1.5 billion USD by 2027.
The sides agreed to finalize the drafts and conclude the agreements between the two Governments for “The Avoidance of Double Taxation and The Prevention of Fiscal Evasion”, and “The Promotion and Protection of Investments” aiming to strengthen the legal environment and promote bilateral trade and investment.
Furthermore, both sides welcomed the ongoing collaboration between the Ministry of Food, Agriculture and Light Industry of Mongolia and the Ministry of Agriculture and Cooperatives of Thailand towards establishing a Memorandum of Understanding. They underscored the significant potential for expanding trade in raw materials and products of animal and plant origin, as well as cooperation in halal meat production, by formalizing cooperation agreements between veterinary authorities.
The Thai side extended an invitation to Mongolian businesses and enterprises to actively participate in Thailand’s extensive exhibition showcasing transport, logistics, food and food products. Additionally, the Thai side expressed their willingness to explore the possibility of opening a Thai trade mission in Mongolia.
Noting the recent intensification of people-to-people exchanges, the two countries agreed to broaden cooperation in tourism, transport and logistics, including supporting the engagement of tour operators and the private sector while committing to closer collaboration in these areas.