Thailand proposed to recognize Baht as the designated currency for cross-border trade stability

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Vehicles seen at Myawaddy border trade zone. Photo: Supplied

Thailand has proposed to Myanmar to designate the Thai Baht as the currency of choice for bilateral trading in order to stabilize the cross-border trade between Myanmar and Thailand, according to the Ministry of Commerce.
“Thailand proposed to use the Baht for trading with Myanmar because Thai traders and investors face difficulties due to the fast fluctuation of Myanmar currency when they conduct business transactions,” said U Yan Naing Tun, director general of the Department of Trade.
At the meeting of the Myanmar- Thailand Border Trade Joint Committee, Myanmar and Thailand discussed how to deploy single-stop inspections at border gates between Myanmar and Thailand, launch new border trade camps, facilitate in importing Myanmar’s rubber and agricultural produce, to maintain equal rights for immigration workers and to exchange trade information.
Bilateral trade between Myanmar and Thailand is annually increasing and the border trade has increased up to 28 %. Both sides agreed to crackdown illegal trade. The main five areas of commerce between Myanmar and Thailand are agriculture, border trade, energy, industry and tourism.
Among the trading partners that Myanmar has, Thailand is the second largest country for exporting goods while it is the third largest country for imports.
Myanmar and Thailand signed a trade agreement on 12 April in 1989, and the border trade agreement was signed on 17 March in 1996.

 

 Zar Lin Thu (AMIA)

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