The fifth round of economic meetings between Japan and Thailand closed Sept. 3, with the two nations calling for a "new dimension" of cooperative relations as equal partners as the next century approaches.
During the two-day meeting, Japan and Thailand agreed that new economic relations should be underpinned with close and strong cooperation to achieve sustainable and environmentally viable economic development, cultural exchanges, free and fair trade, and mutual cooperation to cope with regional and global issues. Specifically, the two nations agreed to cooperate in the development of human resources, technology transfer, investment promotion and the improvement of productivity to help the Southeast Asian nation improve its economic competence.
They also agreed to promote so-called triangular cooperation among Japan, Thailand and third countries in developing certain areas along the Mekong River that they believe have great potential for economic growth next century. To strengthen the multilateral free trade system, the two nations pledged to make "constructive" contributions in leading the financial service liberalization talks at the World Trade Organization to a successful conclusion by its deadline in December.
In his closing statement, Masahiko Komura, vice minister for foreign affairs, called on Thailand to further upgrade its economic competence and pledged Japan's support in that cause. Pitak Intrawitraityanunt, Thai deputy minister of foreign affairs, expressed confidence that his nation will overcome the ongoing economic crisis by cutting fiscal spending and promoting an open financial system.