Ulaanbaatar
Foreign Minister Battsetseg Meets Minister of Commerce of Thailand
Politics
Ulaanbaatar, April 24, 2024 /MONTSAME/. During her official visit to Thailand, Minister of Foreign Affairs of Mongolia Battsetseg Batmunkh met with Deputy Prime Minister and Minister of Commerce of the Kingdom of Thailand Pumtam Vechayachai, on April 23, 2024.
At the meeting, two sides expressed satisfaction with the growing trade, investment, and economic cooperation between the two countries and reiterated their commitment to further fostering mutually beneficial cooperation.
The two sides agreed to enhance the bilateral mechanism of the Joint Trade Committee established in 2022 between Mongolia and Thailand and to convene the second Meeting of the Committee in Bangkok this year. In alignment with the “Five-Year Plan for Cooperation between Mongolia and Thailand in 2022-2027,” they affirmed their commitment to collaborate closely to increase bilateral trade turnover to USD 100 million and investment to USD 1.5 billion by 2027.
The two parties agreed to finalize the drafts and conclude the agreements between the two Governments for “The Avoidance of Double Taxation and The Prevention of Fiscal Evasion”, and “The Promotion and Protection of Investments,” aiming at strengthening the legal environment and promote bilateral trade and investment.
Furthermore, the two Ministers welcomed the ongoing collaboration between the Ministry of Food, Agriculture and Light Industry of Mongolia and the Ministry of Agriculture and Cooperatives of Thailand towards establishing a Memorandum of Understanding. They underscored the significant potential for expanding trade in raw materials and products of animal and plant origin and cooperation in halal meat production by formalizing cooperation agreements between veterinary authorities.
The Thai side invited Mongolian businesses and enterprises to actively participate in Thailand’s extensive exhibition featuring transport, logistics, food and food products. Additionally, the Thai side expressed their willingness to explore opportunities to open a Thai trade mission in Mongolia.
Noting the recent intensification of people-to-people exchanges, the two countries agreed to broaden cooperation in tourism, transport and logistics, including supporting the engagement of tour operators and the private sector while committing to closer collaboration in these areas.
