The JTC meeting was chaired by investment, trade and industry minister Tengku Zafrul Aziz and Thailand’s deputy prime minister and commerce minister Phumtham Wechayachai, underscoring the long-standing economic ties between the two nations.

In a joint media statement, the investment, trade and industry ministry (Miti) said trade between Malaysia and Thailand averaged US$24.73 billion (RM116.47 billion) per annum in the past seven years (2017-2023), recording the highest value in 2022 at US$27.74 billion (RM130.64 billion).

“Although bilateral trade in 2023 decreased to US$24.83 billion (RM116.94 billion) in line with slower global trade, Malaysia was still Thailand’s largest trading partner in Asean,” it said.

Miti said among the key agreements reached was the establishment of a trade and investment task force to enhance border trade facilitation in order to achieve the trade target and increase cross-border connectivity.

Additionally, it said both countries agreed to facilitate imports and exports of agricultural products and explore cooperation in various fields such as rubber, land transport and connectivity, entrepreneurship, franchise, agriculture and digital environment covering digital identification, data centres, cybersecurity, digital talent and private sector cooperation.

“It was also agreed that Malaysia and Thailand continue to collaborate in promoting halal products through export promotional activities.

“Meanwhile, under Malaysia’s Asean chairmanship in 2025, both countries expressed confidence that the Asean Community Vision 2045 and the Asean Economic Community Strategic Plan(s) 2026-2030 will be finalised by 2025,” it added.