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Thailand and Japan sign new trade agreement

Thailand and Japan adopted a new economic partnership plan last Thursday, aimed at further strengthening bilateral ties through digital trade and e-commerce.

In Bangkok, Thai Foreign Minister Don Pramudwinai and Japanese Foreign Minister Yoshimasa Hayashi signed the ‘Five-Year Joint Action Plan for Japan-Thailand Strategic Economic Partnership’, announcing the partnership was forged to address challenges such as the Covid-19 pandemic, energy and food security, and supply chain disruptions.

By charting a new course for cooperation toward a more resilient and sustainable future, the two sides vowed to co-create economic relations as “equal partners,” according to the document.

Among other things, Hayashi told Pramudwinai that Japan would further strengthen its economic ties with Thailand, as reported by the Japanese Foreign Ministry.

Thailand is home to about 6,000 Japanese businesses, and Japan’s foreign direct investments (FDI) makes up a third of the total investment in the Southeast Asian nation.

According to Pramudwinai, who also serves as deputy prime minister, Thailand is looking to improve its bilateral ties in accordance with the new cooperation strategy.