The Thailand - Mongolia Five-Year Work Plan for Cooperation (2022 - 2027) (“the Work Plan”) came into effect on 15 August 2022, after its draft was approved by the Thai cabinet on 9 August 2022 and the Ministry of Foreign Affairs of Thailand notified the Embassy of Mongolia in Thailand by Note Verbale on 15 August 2022 informing of the completion of the internal procedures by the Thai side in order to give effect to the Work Plan.

The Thai side and Mongolian side drafted the Work Plan in accordance with the outcome of the First Meeting of the Consultative Body on Bilateral Cooperation between Thailand and Mongolia, on 6 September 2018 in Ulaanbaatar, co-chaired by H.E. Mr. Damrong Kraikruan, then Deputy Permanent Secretary of the Ministry of Foreign Affairs of Thailand, and H.E. Mr. Davaasuren Damdinsuren, then State Secretary of the Ministry of Foreign Affairs of Mongolia, with a view to strengthening bilateral cooperation in five areas, namely, trade, investment, tourism and culture, agriculture, and technical cooperation. Both sides have determined the objectives/targets of the Work Plan as follows:

1. Trade: to increase bilateral trade to 100 million USD by 2027;
2. Investment: to jointly explore possibilities to increase combined accumulated investment volume to 1.5 billion USD by 2027;
3. Tourism and Culture: to increase the number of two-way visitors and promote people-to-people and cultural exchanges between Thailand and Mongolia;
4. Agriculture: to promote agricultural trade and enhance scientific and technical cooperation in agriculture;
5. Technical Cooperation: to promote sustainable social and economic development and enhance technical cooperation in targeted areas of mutual interests, such as economic development, health, tourism, and environment protection.