A new coordination mechanism for promoting sustainable China-Thailand business relations has been launched by the business communities of both countries, aiming to foster fair and legal trade practices for mutual benefit.
Jointly proposed by the Thai Chamber of Commerce, the Thai-Chinese Chamber of Commerce and the Chinese Enterprise Association, the mechanism seeks to bridge information gaps and enhance business collaboration.
The mechanism includes a comprehensive action plan covering nine major aspects, including building a platform for reliable trade information and deepening mutual understanding of policies and business opportunities in both countries.
Poj Aramwattananont, vice-chairman of the Thai Chamber of Commerce, said the mechanism will feature regular meetings, forums, charity events and training sessions. Moreover, professionals will provide consultation on legal and trade information.
The three organizations will host business talks and trade fairs focusing on emerging frontier topics such as 5G technology, e-commerce and electric vehicles, he added.
"We will work closely with media from both sides for trade information disclosure while performing the duty to encourage both Thai and Chinese enterprises to comply with laws and regulations," he said.
Last year, the trade volume between China and Thailand reached $126.3 billion, according to the Chinese embassy in Thailand. Annually, at least 40 percent of Thailand's agricultural products are exported to China.
In the tourism sector, the pillar industry of Thailand's economy, China has consistently remained the top source of visitors.
During the recent National Day holiday, known as the Golden Week, more than 160,000 Chinese travelers visited Thailand, generating an estimated 5 billion baht ($150 million) in revenue, according to the Tourism Authority of Thailand.
Lifting obstacles
"Over the past three months, the three organizations have discussed the plan to build the mechanism, which is expected to play a crucial role in reducing obstacles for developing the two partners' future trade," said Narongsak Putthapornmongkol, president of the Thai-Chinese Chamber of Commerce.
He emphasized the long-standing friendship and trade partnership between China and Thailand, saying the Thai business community has always treasured these relations.
"By joining hands, we can better achieve our sustainable development goals amid challenges from the changing world," he said.
As next year marks the 50th anniversary of the establishment of China-Thailand diplomatic relations, the launch of the mechanism, with support from the Chinese embassy, will bring the two partners even closer and elevate the people-to-people exchanges to a higher level, said Sanan Angubolkul, chairman of the Thai Chamber of Commerce.
In response to a recent public debate on the influx of Chinese goods potentially threatening Thai business, Sanan said open and fair trade, conducted in accordance with the law, should always be encouraged.
"Trade between China and Thailand has contributed a lot to the economic growth of both countries. It has also boosted understanding and exchanges among their people," he said.
"We hope the mechanism can serve as a bridge and bring people prosperous life and a promising future."
