India and Thailand have a longstanding trade relationship that dates back to many decades. Both countries share a common cultural heritage and have been strategic partners for many years. The 13th Meeting of India Thailand Joint Trade Committee (JTC) was held in New Delhi, where the two nations discussed ways to further enhance their bilateral trade relations.
India and Thailand hold 13th Joint Trade Committee Meeting
India and Thailand held the 13th Meeting of their Joint Trade Committee (JTC) in New Delhi on April 20, 2023. The meeting was co-chaired by Director General of Department of Trade Negotiations, Ministry of Commerce of Thailand, Ms Auramon Supthaweethum and Joint Secretary, Department of Commerce, Ministry of Commerce & Industry, India Ms Indu C Nair. This was the first physical meeting of the JTC after it was revived in 2020, after 17 years.
India and Thailand: Strong Bilateral Trade Relations
Thailand is an important trading partner of India in the ASEAN region, with a total trade of USD 16.89 Billion in 2022-23. Thailand accounts for 13.6% of India’s total trade with ASEAN. India’s gems and jewellery, mechanical machinery, auto and auto components and agricultural products especially marine products are popular in the Thai market.
Exploring New Potential Products and Priority Sectors
During the JTC meeting, both sides reviewed the status of bilateral trade and each partner’s modest share in other’s global imports, and emphasized the need for identifying new potential products and priority sectors for expanding the bilateral trade. India raised the restriction faced in its export of marine, poultry and meat products.
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, Audio Visual and Medical Tourism.
Addressing Market Access Issues and Technical Barriers
India and Thailand also discussed various market access issues and technical barriers faced by their exporters and agreed to resolve them through regular and sustained bilateral discussions. The meeting discussed the ongoing efforts on connecting Unified Payment Interface (UPI) of India with Prompt Pay Service of Thailand and the settlement of trade transactions in local currency.
Conclusion
The 13th Meeting of India Thailand Joint Trade Committee (JTC) has laid the groundwork for an even stronger partnership between the two countries. By identifying new potential products and priority sectors, India and Thailand have set the stage for expanding their trade partnership in the coming years. This meeting marks a significant step in enhancing the trade and economic relations between India and Thailand, and highlights the commitment of both countries to further strengthen their strategic partnership.