Govt signs letter of intent in FTA talks

Thailand and Bangladesh are committed to working together towards a free trade agreement (FTA), and a letter of intent signed yesterday will help expedite the negotiation process, Prime Minister Srettha Thavisin said.

Mr Srettha said he is pleased that Thailand and Bangladesh have agreed to work together towards an FTA.

Both countries yesterday signed the “Letter of Intent on the Commencement of Thailand — Bangladesh FTA Negotiations”, he said.

Mr Srettha was speaking during a press conference after meeting his Bangladeshi counterpart Sheikh Hasina and witnessing the signing of five agreements and Memorandum of Understanding at Government House in Bangkok.

Aside from these, three other MoUs and one agreement were signed yesterday: the Agreement on Visa Exemption for Holders of Official Passports, which will facilitate more travel for Thai and Bangladesh officials; an MoU on Energy Cooperation, which will help materialise benefits from energy cooperation; an MoU on Cooperation and Mutual Assistance in Customs Matters, which will lead to effective border control and anti-smuggling operations; and an MoU on Cooperation in the Field of Tourism, which will allow both countries to exchange knowledge, experiences and best practices in this area.

Mr Srettha said both sides are also aiming to elevate the cooperation in agriculture, particularly in the halal and food processing sectors. Both nations will collaborate to make full use of their resources to ensure food security for their people, he said.

“The two countries also attach importance to the improvement of infrastructure and connectivity. The commencement of direct shipping between Ranong Port and Chittagong Port will enhance maritime connectivity and help bolster economic activities,” he said.

On trade, Mr Srettha said Thailand and Bangladesh welcome bilateral trade volume of US$1.2 billion and believe that both sides can do more to expand economic cooperation.

He said he encouraged the Bangladeshi side to provide investment promotion schemes and ease doing business, which would facilitate and attract more Thai investors.

He said Thailand will host the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation Summit this year, while Bangladesh will become the next Bimstec chair.

Bimstec is touted to be a key driver in regional economic growth.

GOVERNMENT HOUSE Bangladesh Prime Minister Sheikh Hasina and Prime Minister Srettha Thavisin witness the signing of five agreements and memorandums of understanding, which will strengthen ties and enhance cooperation between the two nations at the Santi Maitree Building, Government House, yesterday.