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

Sumaira FH Published May 22, 2022 | 08:50 AM

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.

Reshetnikov said that in general, Western sanctions imposed against Russia are creating unique opportunities for the countries of Asia, including Thailand, to enter the Russian market.

"On the other hand, it is also an opportunity for Russian enterprises, which are now actively looking for new sales markets and are reorienting their products. This applies to fuel and energy resources, oil, oil products, gas and fertilizers, food products, engineering products," the minister explained.

According to Reshetnikov, Asian markets are a strategic direction for Russia and Moscow will work on creating trade links not only with Asia, but also with Arabic countries and with South America.

Last year, trade between Russia and Thailand amounted to $2.8 billion.