Thailand and the Republic of India have a deep and long-standing relationship. Apart from diplomatic relations, economic cooperation is another important link that both countries are jointly developing. Recently, the Department of International Trade Negotiation participated in the Joint Trade Committee (JTC) Thailand - India meeting to discuss key issues related to resolving trade barriers, aiming to facilitate the private sector, which will expand trade between each other.
Both parties agree on the principle of using Electronic Signatures and Seals (ESS) in certificates of origin, as well as promoting the use of QR Code through the linkage of India's Unified Payments Interface (UPI) with Thailand's PromptPay system, to accommodate tourist payments. Furthermore, they aim to promote cooperation in film production and health tourism.
Additionally, India will consider Thailand's request to lift restrictions on the import of tires and color televisions, and provide information on procedures and details for applying for an import license for such products. It will also lift restrictions on air conditioners containing refrigerants, and restrictions on import gates for para rubber and cut flowers. India is also requested to consider opening up the market for fresh coconuts.
As for trade between Thailand and India in 2022, it was valued at 17.7 billion US dollars, an increase of 18.06%. Thailand exported goods to India worth 10.5 billion US dollars, and Thailand imported goods from India worth nearly 7.18 billion US dollars.
Thailand's main exports include plastic pellets, fats and oils from plants and animals, chemicals, gems and jewelry, and steel, iron and their products. India's major imports include uncut diamonds, gems, silver and gold bars, machinery and components, other metal ores, scrap metal, chemicals, and plants and plant products.
Source: Department of Trade Negotiations, Ministry of Commerce
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