Thailand and India have made progress in their bilateral trade relations, agreeing in principle to use electronic signatures and seals for certificates of origin on products. They are also pushing for the use of QR codes by linking India’s Unified Payments Interface system with Thailand’s PromptPay system to support tourist spending.
Additionally, the two countries have discussed more cooperation in the film production and health tourism sectors.
During the 13th Thailand-India Joint Trade Committee (JTC) meeting held on April 20 in New Delhi, Thailand requested that India lift restrictions on the import of tires and color TVs, eliminate the ban on importing air conditioners containing refrigerants, and end restrictions on imports of natural rubber and cut flowers. Thailand also asked India to consider opening its market for young coconuts.
The meeting was the first of its kind in 20 years, with the delay attributed to negotiations for the Thailand-India free trade agreement (FTA) and the ASEAN-India FTA.
India, as chair of the G20 this year, aims to promote sustainable economic growth, increase participation in the global value chain, and push for the use of the local currency, the Indian rupee, in international trade to increase economic value.
In 2022, two-way trade between Thailand and India amounted to US$17.7 billion, with Thailand exporting goods worth $10.5 billion and importing goods worth $7.17 billion. Thailand’s key exports to India include plastic pellets, vegetable and animal oils, chemicals, gems and jewelry, and iron and steel products. Key imports include gems and jewelry, silver and gold bars, machinery and parts, non-ferrous metal ores, scrap metals, and chemicals. (NNT)