Thailand and India have taken significant steps in enhancing their bilateral trade relations. During the 13th Thailand-India Joint Trade Committee meeting held on April 20 in New Delhi, the two countries agreed to use electronic signatures and seals for certificates of origin on products. They also aim to utilize QR codes by linking India’s Unified Payments Interface system with Thailand’s PromptPay system to promote tourist spending.
The meeting was also an opportunity to discuss further cooperation in the film production and health tourism sectors. However, Thailand requested that India lift several import restrictions, including tires, color TVs, natural rubber, and cut flowers. The country also urged India to consider opening its market for young coconuts.
The meeting was the first of its kind in 20 years, with negotiations for the Thailand-India free trade agreement (FTA) and the ASEAN-India FTA contributing to the delay. In 2022, two-way trade between the two nations totaled US$17.7 billion, with Thailand exporting goods worth $10.5 billion and importing goods worth $7.17 billion.
India, as the chair of the G20 this year, has set an agenda to promote sustainable economic growth, increase participation in the global value chain, and encourage the use of the Indian rupee in international trade to boost economic value.
