India & Thailand Meet To Strengthen Trade Partnership

The 13th Joint Trade Committee meeting between India and Thailand was held in New Delhi, marking the first physical meeting since the committee was revived in 2020, after a 17-year gap. The meeting aims to strengthen the trade partnership between the two countries. The meeting was co-chaired by Auramon Supthaweethum, Director General of Department of Trade Negotiations, Ministry of Commerce of Thailand, and Indu C. Nair, Joint Secretary, Department of Commerce, Ministry of Commerce & Industry, India. The two sides discussed the status of bilateral trade and identified new potential products and priority sectors for expanding the bilateral trade.

Thailand: An Important Trading Partner for India

Thailand is a significant trading partner for India in the ASEAN region, with total trade of USD 16.89 billion in 2022-23, accounting for 13.6% of India’s total trade with ASEAN. India exports gems and jewellery, mechanical machinery, auto and auto components, and agricultural products, especially marine products, to Thailand.

Reviewing Bilateral Trade and Technical Barriers

During the meeting, both sides reviewed the status of bilateral trade and the modest share each partner holds in the other’s global imports. They emphasized the need for identifying new potential products and priority sectors for expanding bilateral trade. The two sides also discussed various market access issues and technical barriers faced by their exporters and agreed to resolve the same through regular and sustained bilateral discussions. India raised the restriction it faced in exporting marine, poultry, and meat products.

Identifying Potential Commodities and Sectors

Both sides identified a range of potential commodities and sectors for strengthened partnership, such as value-added marine products, smartphones, electric vehicles, food processing, and pharmaceuticals. The countries also agreed that there is huge scope in collaboration in the service sector and agreed to explore establishing mutual recognition/cooperation arrangements in nursing, accounting, audiovisual, and medical tourism.

Progress in Connecting Payment Systems

The meeting also reviewed the progress of the ongoing efforts on connecting the Unified Payment Interface (UPI) of India with the Prompt Pay Service of Thailand and the settlement of trade transactions in local currency. The two sides continue to work towards facilitating easier and more efficient payments and transactions between the two countries.

Overall, the 13th Joint Trade Committee meeting between India and Thailand was a success in identifying potential areas for collaboration and strengthening the trade ties between the two countries. As India continues to look towards expanding its presence in the ASEAN region, Thailand remains a crucial partner in this endeavor.