BANGKOK - Thailand and Cambodian signed an agreement for the formation of a joint business council to promote bilateral trade and investment, Thai News Agency reported on Wednesday.

The memorandum of understanding was officially endorsed on Tuesday evening by Thai Prime Minister Yingluck Shinawatra and her Cambodian counterpart Hun Sen on the sidelines of the 5th Summit of Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) in the Lao PDR capital.

The Thai premier is in Vientiane to attend the ACMECS summit with leaders of Lao PDR, Cambodia, Vietnam and Myanmar during which Thailand will offer to extend assistance to the neighboring countries for joint trade, industrial, agricultural, energy and tourism development.

The Vientiane Declaration and the ACMECS Operations Plan (2013-2015) are scheduled to be adopted by leaders of ACMECS member countries today.

Yingluck later held talks with Vietnamese Prime Minister Nguyen Tan Dung to update on latest development of the Joint Cabinet Retreat initially agreed by the two countries in October last year, aimed at upgrading Thai-Vietnamese relationship with the common goal of becoming strategic partners.

Stressing Thailand's determination to foster bilateral relations, the Thai prime minister said high-level officials of the Thailand and Vietnam will meet later this week to discuss issues on politics, security, economy and communication connectivity.

The Thai-Vietnam business council has been set up with an emphasis on cooperation on rubber, rice and tourism, she said.

Yingluck said Thailand has focused on connectivity development in the Southeast Asian region and sub-region.