AGREED MINUTES OF THE FIRST MEETING OF THE JOINT TRADE COMMITTEE BETWEEN THE GOVERNMENT OF THE KINGDOM OF THAILAND AND THE GOVERNMENT OF THE ISLAMIC REPUBLIC OF 10 October 2016 Bangkok, Thailand

I. Following the Ninth Meeting of the Joint Commission on Economic, Commercial, Industrial, Agriculture and Scientific Cooperation as well as the Trade Agreement betWeen the Kingdom of Thailand and the Islamic Republic of Iran signedduring the official visit of H.E. Dr. Somkid Jatusripitak, Deputy Prime Minister ofThailand to Tehran, RE. Mrs. Apiradi Tantraporn, and theIranian Minister of Industry, Mine and Trade, H.E. Mr. , agreed to establish the Joint Trade Committee (JTC) between the two Countries to facilitate the implementation of this Agreement.

2. The First Meeting of the Thailand - Iran Joint Trade Committee (ITC) was held on 10 October 2016 in Bangkok, headed by the above mentioned ministers during official visit of esteem President of Islamic Republic of Iran, H.E. Dr. to Thailand. The compositions of the Thai and the Iranian delegations are listed in Annex I and IT, respectively. The agreed agendaof the meeting is appeared in Annex ITL

3. The Co-Chairs delivered opening remarks and expressed that Thailand and Iran have long enjoyed excellent bilateral relationship for more than 400 years. The two Sides stated that this ITC Meeting has moved the two Countries towards greater and closercollaborative opportunity to expand bilateral trade and economic relationship through realization of opportunities and capabilities in different areas. In this regard, both Sides discussed and agreed as below;

WAYS AND MEANS TO INCREASE BILATERAL TRADE

Bilateral Trade Situation

4. The two Sides exchanged information regarding their macroeconomic situations and trade policies. Both Sides reviewed the development of bilateral trade and investment. According to the average of last 4-year statistics, non-oil bilateral trade volume reached 400 million USD.To date, Iran is Thailand's ninth trading partner in the Middle East and Thailand is Iran's second largest trading partner, after Vietnam, among ASEAN countries. Both Sides recognized the significance of a stable and long-term bilateral trade relations and untapped economic potentials of the two Countries and agreed to find ways and means to enhance trade and economic relationship. - 2 -

Bilatera1 Trade Target

5. Both Sides emphasized the trade target set at 3 bilHon USD in the next five years (2021). The Iranian Side expressed an ambitious goal would necessarily require establishing a better trade infrastructure between the Countries, e.g. Preferential Trade Agreement (pTA), removal of trade barriers and resumption of banking arrangements in particular correspondent banking relations between commercial banks of both Sides. Furthermore, the two Sides agreed to exchange information regarding the trade exhibitions and fairs, hosted in Thailand and Iran, and encourage their commercial and industrial activities in private sectors to deepen, diversify and develop their cooperation through further interactions.

Commercial Events

6. Both Sides took note of successful business matching and seminar held on 2 March 2016 in Tehran and 4 March 2016 in Isfahan. The Thai Side infonned that the Ministry of Commerce of Thailand has organized a number of events relating to trade and investment promotion between the two Countries such as business matching activity on 8 - 12 September 2016 in Tehran and the Seminar on Doing Business Overseas with a focus on Iranian market on 16 September 2016 in Bangkok. These activities have built awareness of Iranian economic potentials and attracted interests of Thai businessmen and investors to explore trade and investment opportunities in Iran. In addition, the Thai Side invited the Iranian Side to participate in the Thailand's Trade & Investment Networking in May 2017 in Tehran.

Trade Promotion Organization Cooperation

7. In order to further promote and facilitate bilateral trade relations and to expand activities related to trade promotion, the Iranian Side will submit the draft Memorandum of Understanding (MOU) between Trade Promotion Organization of Iran (ITPO) and the Department of International Trade Promotion of Thailand (DITP) by the end of October 2016 for the consideration of the Thai Side.

Chamber of Commerce Cooperation

8. Both Sides agreed to support Chamber of Commerce of the two Countries to strengthen bilateral economic ties through trade promotion activities, and exchange of visits in interested sectors. Thailand informed that Thailand - Iran Business Council under the Thai Chamber of Commerce has recently restructured and expressed readiness to support and cooperate closely with the Iranian Chamber of Commerce, Industries, and Mines. Both Sides took note of the successful Iran - Thailand Business Forum held on 8 October 2016 during the visit of the Honorable President of Islamic Republic of Iran to Thailand as the active engagement between Thai and Iranian private sectors. - 3 -

Preferential Trade Agreement

9. Considering complement economy and eXlstmg great economic potential of the two Countries, the Iranian Side expressed interest on the negotiation for establishing a bilateral Preferential Trade Agreement (PTA) between the Kingdom of Thailand and the Islamic Republic of Iran. The Thai Side welcomed the initiative and agreed that the PTA could be an important milestone in reaching the aim of boosting trade and promoting their respective economies.

ID. In this regard, both Sides agreed to conduct their own Feasibility Technieal Study on the PTA and to exchange their tariff structures, foreign trade statistics as weil as the primary list of interest products by the end of December 2016. The Iranian Side will give their draft of the mentioned Agreement by the end of November 2016 to be reviewed and provided response by the Thai Side accordingly.

Agricultural Trade

Il. The Thai Side informed that Iran was one of important rice markets to Thailand and expressed interest to resume their rice export favorably up to previous level before the sanction. To reactivate rice export to Iran, the Thai Side requested the Iranian Side to complete health practice and process regarding quality inspection of Thai rice as soon as possible.

12. The Iranian Side while emphasizing on the importanee of heath standards for all imported foodstuff, requested the Thai Side to take into consideration of wheat flour from Iran for improvement of mutual commercial balanee which is in favor of Thailand. Regarding the completion of technical studyon health of Thai rice, the Iranian Side will convey the request to Food and Drug Organization of Iran.

13. Taking into account the importanee of agricultural sector, fisheries, and livelihood development in Thailand and Iran, both Sides agreed to promote, support and facilitate agricultural trade between the two Countries, especially products of mutual interest such as pistachio, figs, seafood, tapioca, tropical fruits, palm oil and natural rubber. In this connection, the Thai Side invited the Iranian Side to participate in the business matching on rice and tapioca sectors hosted by DITP on 13 - 16 November in Bangkok.

INVESTMENT OPPORTUNITlES

Energy Investment

14. The Iranian Side took note of Thailand's interest to invest in energy and mining sectors. The Iranian Side agreed to facilitate the Thai Side in the field of energy, in which Iran has expertise, such as natural gas, petroleum, and petrochemicals. Thailand took note with interest on Iran' s Free Zone that providing investment incentive with a view to promote the expansion of Thailand's investment in oil & gas, petrochemical, and other related sectors. - 4 -

15. The Iranian Side invited the Thai Side to participate in exploration and development oil and gas blocks. The Thai Side expressed strong interest on Iranian oil and gas exploration and development projects, either alone or joint investment with reputable major oil companies. The terms and conditions shall be based on requirements set by National Iranian Oil Company (NIOC). Furthermore, the Iran Side agreed to support and facilitate Thailand to acquire the petroleum contracts with the concession agreement under the new Iranian Petroleum Contract launched in 2016.

Business and Joint Investment Cooperation

16. Auto parts: Both Sides, considering capability of production of auto parts in their two Countries, agreed to encourage and facilitate cooperation between their relevant companies on joint production, transfer of technology, sharing of market, technical relations, and joint marketing.

17. Iron and Steel: Taking into account strong production and supply chain of Iranian iron and steel industry, Iranian Side showed its readiness to increase her exports of these products to the Thai market. The Thai Side informed that there is demand for variety of iron and steel products in Thailand and welcomed the Iranian steel to compete in the Thai market.

18. Petrochemical: Regarding Iranian potential on production of different petrochemical products such as polymer, urea fertilizer, polyethylene, methanol, and etc., the Iranian Side announced its readiness to respond to the Thai demands and interests.

19. Textile: Recognizing the strong and well established textile industry in Thailand, the Iranian Side invited Thai textile companies to invest or to establish joint venture with Iranian companies in order to develop related products to be exported to the third market.

20. Precious stone: Considering Thailand's capability in exploration, processing, and marketing of precious stones, the Iranian Side invited the Thai related companies to establish cooperation with Iranian companies based on joint ventures and exchange of experience for development of this industry in Iran.

ECONOMIC COOPERTION

Halal Industry Cooperation

21. For a recognition and acceptance of Thai Halal products and services in Iran, the Thai Side expressed interest to cooperate on Halal system and standards in Iran. Both Sides agreed to set a forum to exchange knowledge and technical information on Halal system and standards including academic exchange in field of Halal Science. In this connection, the Thai Side invited the Iranian relevant entities to attend the annual Thailand Halal Assembly held on 9 - I1 December 2016 in Bangkok held by the Central Islamic Council of Thailand, the

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DATE ANn VENUE OF THE NEXT MEETING

29. In order to achieve the goals set by the JTC during the First Meeting, the two Sides agreed to hold the Second Meeting of the JTC in Tehran in 2017. The exact date of the session shall be determined through diplomatic channels.

30. The Co-Chair and members of the Iranian delegation expressed their gratitude and appreciation to the Royal Thai Government and the people of the Kingdom of Thailand for the warm welcome and generous hospitality accorded to them during their stay in Thailand and for the excellent arrangements made for the meeting.

Done in Bangkok, on 10 October 2016, in duplicates in English with equal authentication.

For the Government For the Government ofthe Kingdom ofThailand ofthe Islamic Republic ofIran

/1 ./j r- , /At, j C"'--'-

(Mrs. Apiradi Tantraporn) (Mr. Mohamma Reza Nematzadeh) Minister of Cornmerce Minister of Industry, Mine and Trade ANNEXI

THE FIRST MEETING OF THE JOINT TRADE COMMITTEE (JTC) BETWEEN THE KINGDOM OF THAILAND AND THE ISLAMIC REPUBLIC OF IRAN 10th October 2016

------_ ..... ------_ ...

THAl DELEGATES

Ministrv of Commerce

1. H.E. Mrs. Apiradee Tantrapom Minister of Commerce

Department of Trade Negotiations

2.Mr.Ronn ongPhoo!pipm Deputy Director General

3. Ms. Prewprae Churnrum Director, Bureau of Asia, Africa and Eastern Europe

4. Ms. Bann od Juthap k Trade Officer, Professiona! Leve!

5. Mr. Siros Pussayanavin Trade Officer, Professional Leve!

6. Mr. Navamin Chat ayamontri Trade Officer, Professional Leve!

7. Ms. Worathom Chuusongsang Trade Officer, Practitioner Leve!

8. Ms. Achara Boonyawongvirot Trade Officer, Practitioner Leve!

9. Mr. Chanaphai Chenaks a Trade Officer, Practitioner Leve!

Department of International Trade Promotions

10. Ms. Orathai Leksaku!chai Executive Director, Office of New Overseas M kets Deve!opment and Promotion

Il. Mr. Prakhan Kordurnrong Director of Midd!e East and Africa Division

!2. Mr. Kawin Viriyapanich Trade Officer, Professional Leve!

Department of Foreign Trade

!3. Mr. Keerati Rushchano Deputy Director General

14. Mrs. Manatsanith Jirawat Director Bureau of Rice Trade Administration

!S. Mrs. Wasinee Atisook Trade Officer, Senior Professional Leve!

!6. Me. Trirong Wan- -ree Trade Officer, Professiona! Leve!

Ministrv of Foreign Affairs

Department of South Asia, Middle East and Aftica 17. Ms.---- I!Iss apat Panomvana na ayudhya Second Secretary ------Ministry of Energv

18. Mr. Woranon Chansiri P1an and Po1icy Ana1yst

19. Ms. Cha1ermkwan Uparawat Ana1yst

Ministry of Agriculture and Cooperatives

Nationa1 Bureau of Agricu1tura1 Commodity and Food Standards

20. Mr. Wittawat Sarasa1in Director Division of. Agricu1tura1 Commodity and Food Standards Po1icy

21. Mr. Sumetee Sinyokdang Po1icy and P1an Ana1yst

Ministry ofTourism

Tourism Authority of Thailand

22. Mr. Chatchai Ruyapom Europe, Africa and Midd1e East Market Division

The Board of Investment of Thailand .

23. Ms. Sasirataon Chantchupongs Investment Promotion Officer, Professiona1 Leve1

24. Ms. Woranita Buranasiri Investment Promotion Officer, Practitioner Leve1

Bank of Thailand

25. Mr. Pariwat Kanithasen Head of Intemational Strategy

Export - Import Bank of Thailand

26. Mr. Kematat Saicheur Senior Executive Vice President

27. Mrs. Wantana Monkolsri Senior Executive Vice President

28. Mrs. Pacharapun Aroonyingmongkol First Vice President, Treasury Department

PTT Public Company Limited

29. Mr. Noppom Chuchinda Vice President ofPTT Public Company Limited

30. Mr. Pragromsak Choonhavan Team Leader, Business Development Department

31. Ms. Pattamapom Sangwihit Senior Analyst

32. Mr. Kawin Ruamsuke Ana1yst

PTT Exp1oration and Production Public Company Limited

33. Mr. Noppadol Pinpipat Senior Vice President, Exploration and New Venture Division

34. Ms. Sutasinee Jongjittakul Senior Coordinator ======-*-*=*=*=*=*=*-*--*--*--*-:.*--*-*=*=*=*=*=*=*-*--*--*--*--*-*=*=*=*=*======:- ANNEXII

THE FIRST MEETING OF THE JOINT TRADE COMMITTEE (JTC) BETWEEN THE KINGDOM OF THAILAND AND THE ISLAMIC REPUBLIC OF IRAN l0tb October 2016

IRANIAN DELEGATES

1. H.E. Mr. Mohammad Reza Nematzadeh Minister ofIndustry, Mine and Trade

2. Mr. Mojtaba Mousavian Director Genera1 ofForeign Trade (Asia & Oceania)

3. Mr. Mohammad Javad Hemmatpanah Director ofEast Asia Department

Miuistry ofForeign Affairs

****************************** _ lE ---- AGENDA THE FIRST MEETING OF THE IOINT TRADE COMMITIEE UTC) BETWEEN THE K1NGDOM OF THAlLAND AND THE ISLAMIC REPUBLlC OF IRAN (THE PARTlES) 10th October 2016 BANGKOK, THAILAND I 10th October 2016

Agenda ltem 1: Opening Remarks for the 1,t Tbailand-lran )TC Meeting • Thai Side: H.E. Mrs. Apiradi Tantrapom, Minister of Commerce • Iranian Side: H.E. Mr. Mohammad Reza Nematzadeh, Ministry of Industry, Mine and Trade Agenda ltem 2: Adoption of the Agenda The Parties may wish to consider and adopt the agenda Agenda Item 3: Business Arrangement Thailand may wish to brief on the business arrangements for the Meeting

Agenda ltem 4: Current Economlc and Trade Situation of Tbailand and lran (Thai side Leads): The Parties may wish to exchange views on their current economic and trade situation and review the bilateral trade between Thailand and Iran

Agenda Item 5: Ways and Means to Increase Bilateral Trade and Investment between Tbailand and lran The Parties may wish to consider the foIlowing issues: 5.1 Ways and Means to increase bilateral trade • Bilateral trade target • Commercial events • Trade promotian organization cooperatian • Chamber of commerce cooperatian • Thailand - Iran PTA • Agricultural Trade 5.2 Investment Opportunities • Energy Investment • Business and laint Investment Cooperatian 5.3 Economic Cooperation • Halal Industry Cooperation • Energy Cooperation • Tourism Cooperatian • Financial Cooperatian Agenda Item 6: Other Issues (if any) The Parties may wish to discuss other issues Agenda ltem 7: Date and Venue of the Next Meeting The Parties may wish to discuss the date and venue of the 2nd Thailand - Iran ITC Meeting Agenda Item 8: Adoptlon of the Report The Parties may wish to draft the Report of the First Meeting of the Thailand­ Iran ITC Agenda Item 9: Closing Remarks • lranian Side: H.E. Mr. Mohammad Reza Nematzadeh. Ministry of Industry, Mine and Trade • Thai Side: H.E. Mrs. Apiradi Tantraporn, Minister of Commerce Agenda Item 10: Signing Ceremony j ***End of Discussion.*. ' ======-=-=-=-