Putrajaya, December 16, 2024 – The Europe Today: Malaysia and Thailand have set an ambitious target of achieving US$30 billion (RM133.81 billion) in bilateral trade by 2027, announced Malaysian Prime Minister Datuk Seri Anwar Ibrahim on Monday. The target was established following a bilateral meeting between Anwar and Thai Prime Minister Paetongtarn Shinawatra at Perdana Putra.
“This is an ambitious goal, but given the immense economic potential of both Thailand and Malaysia, it is attainable. We must work together to realize this vision,” Anwar said during a joint press conference with Paetongtarn.
The leaders reaffirmed their commitment to enhancing intra-ASEAN trade and tasked relevant officials to collaborate closely to achieve the 2027 trade target. Thailand will host the 4th Joint Trade Committee (JTC) Meeting on a mutually agreed date to further these efforts.
In a joint press statement, both prime ministers emphasized the importance of private-sector collaboration and highlighted the role of the MOU between the Digital Economy Promotion Agency of Thailand and Malaysia Digital Economy Corporation (MDEC), signed last year. The MOU aims to create a conducive environment for deepened cooperation in the digital economy.
The two leaders also recognized the importance of tourism in strengthening bilateral ties. They pledged to explore joint campaigns for Visit Malaysia 2026 and the Amazing Thailand Grand Tourism Year 2025 and expressed support for Thailand’s “six countries, one destination” initiative.
Acknowledging the growing global halal economy, which is projected to reach US$5 trillion by 2030, the leaders agreed to advance collaboration in the halal industry. This includes joint export promotion, research and development, exchange of best practices, and capacity building under Malaysia’s Technical Cooperation Programme (MTCP) to support Thailand’s halal sector.
The meeting also saw the signing of an MOU between the Malaysian Rubber Board and the Rubber Authority of Thailand, aimed at bolstering cooperation in the rubber industry. The agreement will enable the two countries to share technology and knowledge to enhance the sector, with a focus on regional collaboration under the IMT-GT framework.
The leaders underscored their shared vision of economic growth and regional integration, highlighting the importance of continued collaboration to unlock the full potential of their partnership.
