Thailand, PHL sign trade accord

The Philippines and Thailand have taken concrete steps to increase bilateral trade with more trade agreements scheduled to be signed this month.

Aimed towards realizinv the ASEAN Community in 2015, the Philippine Chamber of Commerce and Industry (PCCI) and the Chamber of Commerce of the Philippine Islands (CCPI) is set to sign a memorandum of understanding with the Thailand Convention and Exhibition Bureau (TCEB) this month to establish a long-term strategic partnership in the Meetings, Incentives, Conferences, and Exhibitions (M.I.C.E.) Industry between the two countries.

Signing the agreement were Atty. Miguel Varela and Consul Jose Luis Yulo Jr., for PCCI and CCPI, and TCEB president Nopparat Maythaveekulchai.Thailand Ambassador Prasas Prasasvinitchai to the Philippines witnessed the signing last July 24.

The development comes in the light of an accord reached between local officials and Thailand’s Prime Minister Yingluck Shinawatra’s during an official visit to the Philippines last year which coincided with the celebration of 63 years of dynamic and fruitful partnership between the two countries.

The Philippines is considered one of the priority countries for Thailand because of the long-established trade relations and growing trade volume between the two countries.  A 2012 report from the Thai Ministry of Commerce (MOC) ranked the Philippines as the 12th export destination for Thai products with total value amounting to USD4.86 M.

The same report showed that the Philippines is Thailand’s 20th largest supplier of goods with value worth USD 2.72M. Bilateral trade for 2012 registered at USD 7.58M.

Thailand’s top imports from the Philippines include vehicle parts and accessories, electronic integrated circuits, electrical machinery and parts, computer parts and accessories, metal ores, scrap metal and products, stranded wire and cable, tobacco products, machinery and parts, fresh aquatic animals; chilled, frozen, processed and instant products; and scientific, medical testing appliances and instruments.

The Philippines welcomed at least 30,000 Thai tourists last year, which helped stimulate local businesses and created more job opportunities in the country. With a population of approximately 600 million people, the Asean region has a massive USD1.9 trillion economy. The integration of the ASEAN economic community in 2015 will make ASEAN more attractive with a market larger than the EU in terms of population. xxx

TCEB is a Thai government agency whose role is aimed towards building competitiveness in the MICE industry.