Cambodia, Thailand sign MOU of exchange of traffic rights for border trade

Cambodia and Thailand on Thursday signed a Memorandum of Understanding (MOU) for exchange of traffic rights to boost the crossing border trade and transport facilitation between the two countries.

The MOU was signed at the end of the Second GMS Economic Corridors Forum in Phnom Penh under the support of the Asian Development Bank (ADB).

"It is a bilateral agreement and also it has implemented the GMS cooperation in speeding up the trade and transport facilitation," Cham Prasidh, senior minister and minister of commerce told reporters at a press conference after the Forum.

"Both agreed to allow access of 40 trucks per day to and from both countries. The access is not only to the border area but to the whole country," he said, adding that it will promote the bilateral trade of the two neighboring countries.

Currently, Cambodia exports goods worth about 30 million U.S. dollars each year through Poi Pet border gate into Thailand and Thailand exports goods worth about 400 million U.S. dollars through that border gate into Cambodia, according to Cham Prasidh.

"We already signed such MOU with Vietnam aiming at boosting bilateral trade," he noted.

At the same time, Virachai Virameteekul, minister attached to the Thai Prime Minister's office said at the Second GMS Economic Corridors Forum that this agreement will inspire for more agreements of this kind among other GMS (Great Mekong Subregion Cooperation) member countries. "Transport facilitation is important and so is trade facilitation," he said.

In this connection, trade and custom facilitation, including harmonization of rules and regulations must be accelerated, and the involving governmental officials from both sides will work together for this trade and transport facilitation, he noted.

Source: Xinhua