India and Thailand discuss trade expansion, address export challenges

Thailand is a crucial trading partner for India with total trade reaching US$ 16.89 billion in 2022-23

April 21, 2023

The meeting was co-chaired by Thailand’s director general of the Department of Trade Negotiations and the Commerce Ministry’s joint secretary

India and Thailand emphasized the need to establish mutual recognition arrangements in key services such as nursing, accounting, audiovisual, and medical tourism

The meeting also addressed various market access issues and technical barriers faced by exporters of both countries

Both countries reviewed the ongoing efforts to connect the Unified Payment Interface (UPI) of India with the Prompt Pay Service of Thailand

India and Thailand acknowledged the significance of identifying new potential products and priority sectors for expanding bilateral trade during the 13th meeting of the India-Thailand Joint Trade Committee (JTC). The meeting, which was the first physical meeting held in New Delhi after a 17-year gap, was co-chaired by Thailand’s director general of the Department of Trade Negotiations and the Commerce Ministry’s joint secretary.

The Commerce Ministry stated that the two countries emphasized the need to establish mutual recognition arrangements in key services such as nursing, accounting, audiovisual, and medical tourism. Both countries also decided to expand bilateral trade in new products such as value-added marine items, smartphones, electric vehicles, food processing, and pharmaceuticals. The meeting also addressed various market access issues and technical barriers faced by their exporters and agreed to resolve the same through regular and sustained bilateral discussions.

Furthermore, both countries recognized the significant potential for collaboration in the service sector and reviewed the ongoing efforts to connect the UPI of India with the Prompt Pay Service of Thailand and the settlement of trade transactions in local currency.

Thailand is a crucial trading partner for India, with total trade reaching US$ 16.89 billion in 2022-23, accounting for 13.6% of India’s total trade with the Association of Southeast Asian Nations (ASEAN) countries. India’s gems and jewellery, mechanical machinery, auto and auto components, and agricultural products, especially marine products, are essential commodities for Thailand.

Source: Hindustan Times

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