As part of an effort to increase economic cooperation between the two countries, and as a possible forerunner to a free trade agreement (FTA), Thailand and Pakistan are targeting a substantial increase in total bilateral trade to USD2bn in the next five years.

While agreeing to work jointly in many other areas, such as education, infrastructure and tourism, a joint news conference between Pakistan's Prime Minister Nawaz Sharif and Thailand's Prime Minister, Yingluck Shinawatra, after their recent talks in Islamabad, professed that both countries have also agreed to work towards an FTA.

Having agreed to set up a joint trade committee and a joint private business council to promote further cooperation, both Prime Ministers expressed the hope that they could expand bilateral trade and investment. In particular, Thai businesses have been invited to invest in Pakistan in various sectors.

According to reported data, total trade between the two countries reached only USD670m in 2011, with Pakistan's exports to Thailand totaling around USD100m.

August 22, 2013

Source: Tax News

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