The long-awaited Japan-Thailand Economic Partnership Agreement will be signed in July to complete the negotiations before the new Japanese government comes into office, caretaker Commerce Minister Somkid Jatusripitak said yesterday.

The agreement will support a regional trade strategy, which focuses on building ties with the four economic powers of Japan, China, India and Russia. The Commerce Ministry plans to deepen trade, investment, tourism, social and cultural ties with what it sees as the future regional economic giants and so benefit from their development, Somkid said.

Japan wants to seal the deal swiftly because its representatives have to seek parliamentary approval in Tokyo, which could be time consuming, the minister said.

Somkid said the signing ceremony would be held after the new Cabinet was appointed.

The agreement was set to be signed on April 3 in Tokyo but was delayed due to the political conflict in Thailand. However, the postponement will not affect trade and investment between the two countries, Somkid said.

Somkid also yesterday ordered the Trade Negotiations Department to draw up plans to tighten trade cooperation with the four major trading partners.

"We have to prepare plans to boost trade and investment and push negotiations forward after the appointment of the new cabinet," said Somkid.

He said the government expected China, Japan, India and Russia to enjoy strong and stable economic growth, which would benefit Thailand.

"Closer relations with those nations will benefit Thailand in many areas including increased trade, investment, exchange of technology, education, culture and tourism," said Somkid.

Under the new plan, the department will host official government visits from each of the four target countries.

Petchanet Pratruangkrai

The Nation