A Memorandum of Understanding (MoU) has been signed between the National Olympic Committees of Bhutan and Thailand.
The agreement has been struck as part of efforts to allow athletes from both countries greater training opportunities.
It will also allow for the exchange of officials, coaches and experts.
Prince Jigyel Ugyen Wangchuck, President of the Bhutan Olympic Committee, and National Olympic Committee of Thailand President General Yuthasak Sasiprapha, signed the MoU in Bhutan's capital Thimphu.
The agreement and sharing of resources is the culmination of a series of discussions between the two nations, which began at the first Summer Youth Olympic Games in Singapore four years ago.
Thailand has won 24 medals since it first entered the Olympic Games in Helsinki 1952.
Their last gold medals were won in Beijing 2008, courtesy of boxer Somjit Jongjohor and weighltifter Prapawadee Jaroenrattanatarakoon.
The country won two silver and one bronze at London 2012.
Bhutan has failed to win a Summer Olympic Games medal since making its debut at Los Angeles 1984.
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