Thailand asks Myanmar to use baht

[webfact]

Thailand asks Myanmar to use baht

BANGKOK, 5 May 2014, (NNT) - In its attempt to boost the trade and investment between the two neighboring countries, Thailand is encouraging Myanmar to use the Thai baht as a medium of exchange in the country's domestic trades.

The move was reported after the completion of the 7th Meeting of Thailand-Myanmar Joint Commission for Bilateral Cooperation, which was held at Nay Pyi Taw in November last year.

In response to Thailand’s proposal, Myanmar said the decision on the matter could not be reached at the moment, as its national bank is undergoing a new administration transition; however, it said it would be able to answer soon.

According to the Thai government, both countries have been enjoying steady growth in both trade and investment, adding that the Thai representatives pushed for the development of trade-related stimulus program, aiming at generating at least 12 billion baht in trade value in 2015 .

The report said Thailand was also firm on its support of the establishment of the Dawei special economic zone, saying it believed the port would be able to create investor confidence, and, at the same time, promote cooperation among Thai, Burmese ,and Japanese personnel.

Thailand also urged Myanmar to agree to the ACMECS Single Visa (ASV) implementation in order to attract more visitors from other countries. Myanmar, meanwhile, requested assistance from Thailand in the areas of agricultural technology, and foreign labour cooperation.

-- NNT 2014-03-05

[phetaroi]

Myanmar should respond with: "What? Use the currency of the most unstable country in Southeast Asia?"

[Katipo]

That's kind of condescending. Thailand is neither big brother nor boss of this rising Asian nation, and it's position at head of the ASEAN table has long gone. Time to wake up to that reality before it slips back even further.

[bangkapi]

Anything but the US Dollar (Federal Reserve Note) is suitable.

[stickylies]

next they will ask myanmar to change its official language into Thai.

file under hubris.

[monkeycountry]

"Myanmar, meanwhile, requested assistance from Thailand in the areas of agricultural technology"

What technology?

[Johnnie99]

Simply, bare-faced cheek.

Or even bare-cheeked face ... take your pick.

[espinoza]

"Myanmar, meanwhile, requested assistance from Thailand in the areas of agricultural technology"

What technology?

Burning on the rice fields

The Thais are pyromaniacs by nature.

[kotsak]

"Myanmar, meanwhile, requested assistance from Thailand in the areas of agricultural technology"

What technology?

[carib102]

Anything but the US Dollar (Federal Reserve Note) is suitable.

Why? Every currency in the world is now a fiat currency as far as I can see. Myanmar might as well use bitcoins...oh wait, those are illegal in Thailand.

[leosuntime]

i asked some myanmarian people to use my hair to trade

but they refused....

[wolfmanjack]

It has been a few years since I have been to myanmar but the last time i was there the exchange rate for thai baht was really bad compared to the US$. I ended up changing baht to US$ here in thailand before i went to myanmar.

[lostmebike]

"Myanmar, meanwhile, requested assistance from Thailand in the areas of agricultural technology"

What technology?

Burning on the rice fields

The Thais are pyromaniacs by nature.

There's nothing quite like starting a fire in front one's house. Throw on a little plastic, sit back, watch it and look at the world go by!

[DrMe]

Next time Myanmar will ask Thailand how to scam with rice.

[BudRight]

Myanmar replied 'Thailand is not my father.'

[bangon04]

"Myanmar, meanwhile, requested assistance from Thailand in the areas of agricultural technology"

What technology?

"agricultural technology, and foreign labour cooperation."

Well you must admit that Thais have real expertise in exploiting promoting foreign labour, especially from Myanmar.

[cnbiz850]

Don't understand why many mock this. Because Myanmar's Kyat is still closed currency, asking Myanmar to accept Baht (instead of other currencies like Dollar) in bilateral trade is reasonable.

[mmh8]

Most that I speak to wish to go back to the good old days of English rule. Well, why not I say, let them use sterling.

[Wombat6]

"Myanmar, meanwhile, requested assistance from Thailand in the areas of agricultural technology"

What technology?

Thailand has for many years had assistance from Australian Agricultural advisors. To avoid "lost in translation' perhaps Myanmar would be better off going direct to Australia for assistance.

As for encouragement from the Thai Government in the promotion of Dawei...wasn't it reported that the fugitive in Dubai had investestments in Dawei.....I would assume that those investments would increase in value with Dawei's development.

[peterdarby]

"Myanmar, meanwhile, requested assistance from Thailand in the areas of agricultural technology"

What technology?

Rice warehousing.

[Briggsy]

Except for informal trade in border regions, I really can't see this having legs. I cannot believe Thailand would be ridiculous enough to request Myanmar use the baht as their de facto national currency.

Why would Myanmar agree to having any large deals between the nations denominated in Baht as opposed to US dollars or other major currency.

If Thailand is selling goods to Myanmar, then as seller it could ask for Baht to be stipulated in the contract. This may be what was requested but lost in the article.

[Teddy3943]

If Myanmar agrees then Myanmar needs to raise quite a considerable sum of Thai Baht which would give pressure on rising the value of the currency. A more expensive Thai Baht is not in the interest of Myanmar.