Thailand and Laos have drawn up a plan to triple the trade value between the two countries to 4.5 billion U.S. dollars in 2010, a senior Thai official said on Thursday.

Deputy Director-General of Trade Negotiations Chana Kanaratanadilok told local media that at the first Thai-Lao meeting on a joint economic cooperation plan held on Dec. 27-28, the two neighboring countries have set a target to double the value of their trade to 3 billion U.S. dollars in 2008 and 4.5 billion in 2010.

Bilateral trade between the two countries reached 1.5 billion U. S. dollars in 2006. Thai exports to Laos were valued at 1 billion dollars while the imports from Laos worth 500 million dollars, Chana was quoted by the Thai News Agency as saying.

According to the negotiator, the two countries will push forward cooperation in investment including contracts for commercial farming projects and future agricultural markets. Agricultural product processing factories will be built in a special economic zone in Laos, and facilities will be built along the road connecting the two countries through the second Thai-Lao Friendship Bridge.

The bridge linking Thailand's northeastern province of Mukdahan with Savannakhet in southern Laos was officially opened on Dec. 20.

Thailand and Laos will develop customs service and transportation and plan to set up the "Single Stop Inspection" service at borders where busy markets are located.

Thailand will help Laos develop local goods and support its producers to participate in the international expos organized in Thailand.

The two countries signed a Memorandum of Understanding (MOU) on Wednesday to cooperate in many fields such as promoting alternative energy from farming products.

Source: Xinhua