Australia and Thailand have signed a trade pact which is expected to boost the economies of both countries by billions of dollars, according to the BBC.

Australia, which recently signed a free trade agreement with Singapore, reprtedly plans to sign similar agreements with other countries elsewhere in the region – the agreement is estimated to boost Australia’s GDP by $A6.7 billion (£3.6 billion) and Thailand’s by $32 billion over 20 years.

Thailand exports cars [mostly Hondas and Japanese-brand pickup trucks], fruit and vegetables to Australia while Australia exports fuel and chemicals to Thailand, the BBC noted.