Thais, Russians aim for US$10bn in trade by 2023

Thailand and Russia have agreed to raise bilateral trade to US$10 billion in 2023, in part to help reboot the economy after the Covid-19 outbreak.

Speaking after Thursday’s video conference with Vladimir Ilichev, Russia’s deputy minister of the Economic Development Ministry, during the fourth meeting of the subcommission on trade and economic cooperation hosted by Russia, Commerce Minister Jurin Laksanawisit said the two parties aim to raise two-way trade to $10 billion in 2023 or an average of $3 billion a year.

Russia was Thailand’s 30th-largest trading partner last year, with two-way trade amounting to $3.13 billion. Thai exports to Russia totalled $958 million, with key export items including automobiles and parts and rubber, while imports accounted for $2.17 billion, led by crude oil, steel, arms and fertiliser.

In the first nine months of 2020, Russia was…