Wednesday, April 2, 2014

Thailand Asks Myanmar to use Baht

BANGKOK, 5 May 2014, (NNT) — In its attempt to boost the trade and investment between the two neighboring countries, Thailand is encouraging Myanmar to use the Thai baht as a medium of exchange in the country's domestic trades.

The move was reported after the completion of the 7th Meeting of Thailand-Myanmar Joint Commission for Bilateral Cooperation, which was held at Nay Pyi Taw in November last year.

In response to Thailand’s proposal, Myanmar said the decision on the matter could not be reached at the moment, as its national bank is undergoing a new administration transition; however, it said it would be able to answer soon.

According to the Thai government, both countries have been enjoying steady growth in both trade and investment, adding that the Thai representatives pushed for the development of trade-related stimulus program, aiming at generating at least 12 billion baht in trade value in 2015 .

The report said Thailand was also firm on its support of the establishment of the Dawei special economic zone, saying it believed the port would be able to create investor confidence, and, at the same time, promote cooperation among Thai, Burmese ,and Japanese personnel.

Thailand also urged Myanmar to agree to the ACMECS Single Visa (ASV) implementation in order to attract more visitors from other countries. Myanmar, meanwhile, requested assistance from Thailand in the areas of agricultural technology, and foreign labor cooperation.