Russia-Thailand Trade Could Reach $10 Billion Thanks To Western Sanctions - Minister

BANGKOK (UrduPoint News / Sputnik - 22nd May, 2022) Western economic sanctions imposed against Russia can lead to a boost in Russia's trade with Thailand, Russian Economic Development Minister Maxim Reshetnikov said.

Reshetnikov is participating in the Asia-Pacific Economic Cooperation (APEC) ministerial meetings in the Thai capital of Bangkok.

"We will now (under sanctions) look for points of interaction as much as possible and, in general, the very $10 billion that were our trade goal fit very well into this situation, this figure becomes much more achievable if you really look at the current situation," Reshetnikov said.

He added that Western sanctions have opened up new areas for the development of trade and economic ties between Russia and Thailand, including in the car industry.

"Thailand has a very strong automobile and auto-components industry. This is what we objectively need right now, it's the possibility of imports, the possibility of joint production development," the minister said.

He emphasized that this is not the only area of potential cooperation between Russia and Thailand.

Last year, trade between the two countries amounted to $2.8 billion.