Thailand establishes first ‘Mini-FTA’ with Kofu, Japan

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BANGKOK (NNT) - Thailand has established the first city-specific ‘Mini-FTA’ trade agreement with Kofu, Japan, promoting cooperation in the gem and jewelry industry by the two entities.

 

In an online conference, the Ministry of Commerce signed a Memorandum of Understanding (MOU) with the city of Kofu, Yamanashi Prefecture, Japan, to establish a partnership between the gem and jewelry industries of Thailand and the Japanese city.

 

Nicknamed a ‘Mini-FTA,’ the agreement aims to promote business development in the gems and jewelry industry in terms of marketing, technology transfers, business networking, and trade fairs, as well as increasing the value of sales on both sides.

 

Japan is Thailand’s second biggest trading partner overall, and the 6th biggest in the gems and jewelry industry. Deputy Prime Minister and Minister of Commerce Jurin Laksanawisit, said today the export value of gems and jewelry from Thailand to Japan in the first five months of this year was worth 2.4 billion baht in total, showing 10.4% growth.

 

He said the city of Kofu, Yamanashi Prefecture is home to leading jewelry manufacturers using raw materials from Thailand, such as colored gemstones, rubies, blue sapphires, and jade.

 

The Commerce Minister said today that the agreement is an opportunity for Thailand to increase the value of jewelry exports, with a target of at least 5% growth to 15.5 billion baht of value.

 

The Ministry of Commerce is now on track to establish more provincial or city-level Mini-FTA schemes this year, with Hainan, China and Telangana, India on the agenda. The next agreement is expected to be signed in August.

 

-- © Copyright NNT 2021-07-12

 

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