Thailand’s Ministry of Commerce and the Japanese city of Kofu signed a memorandum of understanding (MoU) to create a trade partnership through a mini-FTA on July 12.
The partnership will promote knowledge and technology sharing about the gem and jewellery industry as well as increase trade, investment and economic cooperation between Thailand and Kofu, a city famous for its gem and jewellery industry.
The trade value of gems and jewellery between the two country is expected to be at least 15.5 billion baht (US$472 million) in 2021, a 5% year-on-year increase.
Thailand also plans to form mini-FTAs with Hainan in China, and Telangana in India this year.
