Port2port News Service
May 7, 2012
The country hopes the accord would assist in developing trade relations with countries in South East Asia.
Israel's Minister of Industry, Trade and Labor Shalom Simchon and Thailand's Deputy Minister of Commerce Poom Sarapol signed last week a framework trade accord intend to further develop bilateral trade and assist Israeli trade with countries in South East Asia.
In a statement issued by the ministry, it was noted that the new trade accord will facilitate Israeli trading activity in Thailand, as well as in neighboring countries.
In recent years, Israel has made a great deal of efforts to advance Israeli exports to Thailand, mainly in agriculture, exporting fresh produce, construction, security, communication and electronics.
Simchonnoted that Thailand acts as gateway not only to South East Asian countries, but also to Cambodia, Laos and Myanmar.
The agreement will, on one hand, facilitate trade with the Asian countries, and on the other hand will allow permanent consultations with the Thai government.
Bilateral trade with Israel last year amounted to US$1.3 billion. Israel's exports amounted to US$636, compared to US$490 in 2010. Thailand exports to Israel amounted to US$680, compared to US$647 IN 2012. Thailand export mostly vehicles, parts and accessories, sugar, chemicals, plastic pellets and food products to the Israeli market. Israel exports include electronics, machinery, optical equipment, diamonds and chemicals.