Thai FM says Russia trade can grow beyond $1.7 billion

Thailand Russia Trade Push

Thailand and Russia pledged to expand trade and energy ties on Friday, with Bangkok saying bilateral trade of $1.7 billion last year remained well below its potential.

Footage shows Thai Foreign Minister Sihasak Phuangketkeow and Russian Minister for the Development of the Far East and the Arctic Alexei Chekunkov exchanging documents after the ninth meeting of the Joint Commission on Bilateral Co-operation in Moscow.

“I said, it’s presently at 1.7 billion, and he (Thai prime minister) had a look of disbelief, you know, because I think we have much more potential in terms of our trade and investment. So we do have to do more,” Phuangketkeow said.

Energy Cooperation Plans

Energy was among the sectors singled out for closer co-operation.

“We talk a lot about energy security. You are a big supplier of energy to the world, of gas, and we would really like to have more information on how we can co-operate in terms of energy security,” he added.

Chekunkov said Russia was ready to expand exports of energy, fertilisers and agricultural products, while buying more Thai industrial goods and services.

“We are ready to increase exports of energy resources, fertilisers and agricultural goods, as well as to purchase more industrial goods and expand mutual trade in services,” he said.