During the meeting, Philippine Foreign Affairs Secretary Albert Del Rosario and his Thai counterpart, Foreign Minister Surapong Tovichakchaikul who was also on official visit to the Philippines, signed an agreement on taxation and witnessed the signing of two other agreements on trade and energy.

The Convention on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income is expected help facilitate economic activities between the Philippines and Thailand.

The Philippines and Thailand also agreed to establish an Energy Forum to further advance cooperation in the energy sector.  On the same occasion, Mr. Eusebio Tanco, Chairman of the Philippines-Thailand Business Council, and Mr. Visit Limprana, Chairman of the Thailand-Philippines Business Council and Vice Chairman of the Federation of Thai Industries, also signed an Agreement Establishing a Joint Standing Committee on Commerce Industry and Banking to promote collaboration on trade and investment between the Philippines and Thai companies.

Officials from both sides hope that the signing of agreements will boost overall trade relations between the Philippines and Thailand. Currently, the Philippines is Thailand’s 12 largest trading partner.

The two sides also reviewed the bilateral relations of the two countries and discussed cooperation in law enforcement, education and culture, transportation and tourism, defense, and labor.  They likewise exchanged views on current political and economic developments in their respective countries and in the region.

The JCBC is a bilateral mechanism established in 1992 by the Philippines and Thailand to serve as the main forum for reviewing progress in their bilateral relations and exploring possible new areas of cooperation.

The next JCBC will be held in 2015 with Thailand as host.