The Trade Negotiations Department is scheduled to lead a delegation to participate in a Joint Trade Committee (JTC) meeting between Thailand and India today, marking the first such meeting in 20 years since India hosted the event.
Auramon Supthaweethum, director-general of the department, said the New Delhi meeting will focus on resolving import restrictions, opening up agricultural and animal product markets, digitally signing and certifying certificates of origin, accepting product standards and economic cooperation such as shooting movies and promoting health tourism.
According to Mrs Auramon, the main reason for the long delay between meetings was an emphasis on talks concerning the Thailand-India free trade agreement (FTA) and the Asean-India FTA.
In 2020, both sides agreed to resume JTC meetings as a mechanism to discuss trade and investment promotion, address trade obstacles and push for economic cooperation.
During the past 20 years, India's economy has grown significantly, now ranking as the fifth largest in the world with a GDP of US$3.5 trillion.
With more than 1.4 billion people, it accounts for 17% of the world's population.
India has made progress in digital technology and financial reform policies, and it ranks 63rd out of 190 countries in the Ease of Doing Business index.
In 2022, trade between Thailand and India was worth $17.7 billion, an increase of 18.1% from the year before.
Thailand exported goods worth $10.5 billion, with important products comprising plastic pellets, vegetable and animal oils, chemicals, gems and jewellery, and iron and steel products.
Meanwhile, Thailand imported goods worth $7.17 billion, with important products including gems and jewellery, silver and gold bars, machinery and parts, non-ferrous metal ores, scrap metals and chemicals.
In the first two months of this year, two-way trade amounted to $2.69 billion.
Of the total, Thailand exported goods worth $1.62 billion to India, while it imported goods worth $1.07 billion.