In a significant diplomatic effort, Thailand and Malaysia have set an ambitious target of achieving US$30 billion in bilateral trade by 2027. This agreement was reached during Thai Prime Minister Paetongtarn Shinawatra's recent visit to Malaysia, culminating on December 16, 2024, during the 7th Annual Consultation with Malaysian Prime Minister Datuk Seri Anwar Ibrahim. The two leaders discussed various sectors for collaboration, including infrastructure development, agriculture, food security, tourism, and security [8a09f6c8].
The discussions highlighted that border trade currently accounts for 30% of the total bilateral trade between the two nations, underscoring the importance of enhancing cross-border economic activities. To facilitate this, two Memoranda of Understanding (MoUs) on cross-border transportation were signed, aimed at improving logistics and connectivity between Thailand and Malaysia [8a09f6c8].
In addition to trade, the leaders emphasized the need for cooperation in combating transnational crime, reflecting a broader commitment to regional security. Anwar Ibrahim expressed support for Thailand's tourism initiative, '6 Countries, 1 Destination', which aims to boost tourism across Southeast Asia [8a09f6c8].
The recent agreements also include significant documents focused on rubber and cultural cooperation, further strengthening the ties between the two nations. The focus on these sectors aligns with the broader goal of enhancing economic resilience and collaboration in the face of global challenges [8a09f6c8].
This renewed focus on economic collaboration comes alongside ongoing efforts to deepen ties in various sectors, including the digital economy and energy. The two countries are also working on joint initiatives in the halal industry and tourism, with campaigns like 'Visit Malaysia 2026' and 'Amazing Thailand Grand Tourism Year 2025' set to promote cross-border travel [9bcd2e37].
As both nations navigate the complexities of the global economy, their commitment to enhancing bilateral trade and cooperation is expected to yield significant benefits for their economies and regional stability [9bcd2e37].