THAILAND: Trade deal with Indonesia agreed
Published: 03/16/2010, 9:40:27 AM
Thailand's sugar export to Indonesia should further increase following the signing of the bilateral commercial development agreement, according to Thailand's The Nation newspaper.
The three sugar associations Tuesday signed the memorandum of understanding with the Indonesian Refined Sugar Association, to cover information exchange and official discussion at least once a year.
In 2008, Thailand exported 1.64 million tonnes of sugar to Indonesia, worth US$449.7 million. In 2009, the export volume and value was 1.035 million tonnes and $360.13 million. The MoU will increase the exports, along side with the ASEAN Free Trade Agreement.
Viboon Phanitwong, the vice chairman of the committee overseeing three sugar manufacturing associations, said the MoU would support the sugar industry in the long term.
"This marks the historic deal for Thailand in boosting the industry in terms of trade, price, and obstacle clearing. This would also encourage bilateral exchanges between the two countries," he said.