Renewed commitment
Centuries-old trade and commerce ties bolster the Thai-Hong Kong relationship. Reports by Euan McKirdy
Thailand and Hong Kong's trade and commerce relationship goes back centuries, and trade between the two is evolving, according to a Thai consulate spokesman.
Given its small domestic market, Thailand is dependent on exports, which make up about two-thirds of its gross domestic product.
It is the second-largest economy in Southeast Asia, after Indonesia, and membership in international and regional bodies, such as the World Trade Organisation and Asia-Pacific Economic Co-operation forum, has improved its standing and trade relationships.
In 2010, Thailand was Hong Kong's ninth largest trading partner; 11th largest market for domestic exports and 13th largest market for re-exports. On the other side of the coin, it was the country's eighth largest source of imports.
Support for bilateral trade is strong, and its importance is underlined by the attention of the two governments - almost a decade ago they signed the Investment Promotion and Protection Agreement (IPPA), strengthening the already healthy trade and economic relations.
Earlier this year, this commitment was renewed when Gregory So Kam-leung, Secretary for Commerce and Economic Development, and Thai Minister of Commerce, Boonsong Teriyapirom, signed the Co-operation Arrangement on Strengthening Trade and Economic Relations. The agreement covers everything from trade in goods and services, to investment and tourism.
