New trade deals agreed with Saudi Arabia

Fertiliser imports to Thailand among benefits of improved relations.

New trade deals agreed with Saudi Arabia
Learning Easy news

New trade deals agreed with Saudi Arabia

published : 17 May 2022 at 08:42

writer: R May

ORIGINAL SOURCE/WRITER: Phusadee Arunmas

Saudi Arabia's Minister of Investment, Khalid Abdulaziz Al-Falih, left, shakes hands with Sanan Angubolkul, chairman of the Thai Chamber of Commerce.

Fertiliser imports to Thailand among benefits of improved relations.

The government is planning to import fertilisers from Saudi Arabia to ensure an adequate supply during the peak planting season, amid shortages in the wake of the Russia-Ukraine conflict, according to the Ministry of Foreign Affairs (MFA).

Securing a deal on fertilisers was among the trade objectives of a Thai delegation led by Deputy Prime Minister and MFA minister Don Pramudwinai last week. The delegation met with Khalid Abdulaziz Al-Falih, Minister of Investment of the Kingdom of Saudi Arabia, in an attempt to further restore economic relations.

It was the first time in 32 years high-ranking Thai officials had been in Saudi Arabia for formal talks. The visit is part of efforts to rebuild investment opportunities and create joint ventures after the restoration of full diplomatic ties between the two countries.

Tanee Sangrat, a spokesman for the MFA and director-general of its Department of Information, on Monday said Mr Don had made the fertiliser deal a priority.

According to data from the Internal Trade Department, Thailand uses about 5 million tonnes of fertiliser a year, but the country is capable of producing only 8% of that total and so relies on imports from the Middle East, China, Canada and Russia, among others.

Mr Tanee said that Saudi Arabia's Investment Minister has now prioritised Thailand's request despite many countries having also contacted Saudi Arabia for supplies of the same products. The Saudi Arabian minister ordered officials, suppliers and distributors to meet Sanan Angubolkul, chairman of the Thai Chamber of Commerce, to work on details.

Vocabulary

  • adequate: good enough or large enough for a particular purpose - พอเพียง
  • agree (verb): to say ‘yes’; to say that you will do what somebody wants or that you will allow something to happen ตกลง - to say ‘yes’; to say that you will do what somebody wants or that you will allow something to happen ตกลง
  • benefit: an advantage you get from a situation; a helpful or good effect, or something intended to help - ผลประโยชน์, ข้อได้เปรียบ, ผลดี
  • delegation: a group of people who represent the views of an organisation, a country, etc - คณะผู้แทน, คณะบุคคลที่เป็นตัวแทนของคนกลุ่มใหญ่
  • fertiliser: a natural or chemical substance which is spread on the land or given to plants, to make plants grow well - ปุ๋ย
  • high-ranking: senior; important - ที่มียศสูง, ที่อยู่ชั้นสูง
  • import: to buy or bring in products from another country - นำเข้า
  • joint venture: a business activity carried out by two or more companies or groups - การลงทุนร่วม
  • peak (adj): the time when something is at its highest or greatest level - ช่วงเวลาที่หนาแน่น, ช่วงเวลาที่พบมากที่สุด
  • prioritise: to put tasks, problems, etc. in order of importance, so that you can deal with the most important first - จัดลำดับก่อน
  • restore: to cause a particular situation to exist again, especially a good one - ฟื้นฟูสภาพ
  • secure (verb): to get or achieve something - ได้มา
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