Thailand and the Philippines are set to enhance their trade competition regulation through a new Memorandum of Understanding (MOU). The agreement aims to create a fair environment for trade and investment between the two countries, with a focus on the agricultural and food industries.
Radklao Inthawong Suwankiri, Deputy Government Spokesperson, announced that the Office of Trade Competition Commission (OTCC) of Thailand and the Philippine Competition Commission (PCC) have agreed to draft the MOU.
Radklao explained that the MOU is designed to enhance the enforcement of trade competition laws in both countries by strengthening the relationship between the OTCC and PCC. Cooperation and mutual assistance will adhere to relevant laws and regulations, available resources, and the significant interests of both organizations, while respecting each other’s operational independence under their respective legal frameworks.
The MOU is expected to benefit both Thailand and the Philippines by establishing a fair competition environment. This is crucial given the anticipated increase in Thai investments and exports to the Philippines.
The Philippine government has prioritized food security as a national agenda, making this MOU particularly beneficial for the Thai private sector, especially in the highly skilled agricultural and food industries. (NNT)
