Thailand’s commerce ministry targets 2 trillion baht in cross-border trade by 2027

Aiming to increase the value of cross-border and transit trade to 2 trillion baht by 2027, the Commerce Ministry is expediting the application of the cross-border trade strategy. The Ministry is establishing four dedicated task forces to tackle border trade-related issues.

Commerce Minister Phumtham Wechayachai, following Wednesday’s committee meeting on trade, cross-border, and transit trade promotion, shared that the committee has set out to enhance cross-border and transit trade to the 2 trillion baht (US$ 57,230,340,000) mark by 2027. This will be achieved by fostering collaboration among relevant agencies and the private sector. Key collaborators include the Customs Department, the Finance Ministry, the Immigration Bureau, the Interior Ministry, and provincial governors.

Phumtham also disclosed that the meeting consented to form four specific task forces. These task forces will serve as a driving mechanism to initiate various activities aimed at boosting and facilitating border trade and addressing impediments related to trade and investment.

The task forces will consist of a panel handling Thailand’s competitiveness to increase trade value, a panel focused on enhancing export capabilities and facilitating convenience at border areas and in transportation and logistics, a panel for promoting and utilising benefits from various agreements and partnership frameworks, and a panel for promoting investment in border areas and neighbouring countries, reported Bangkok Post.

by Alex Morgan 

Picture courtesy of Patipat Janthong

Full story: The Thaiger 2023-12-21

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