Thailand and Israel have expressed interest in negotiating a free trade agreement (FTA) to enhance trade and investment between the two nations.
Mr Pichai talked with Mr Barkat, Israeli minister of economy and industry, on the sidelines of the WEF. The discussion focused on advancing an FTA to enhance bilateral trade and investment opportunities.
Commerce Minister Pichai Naripthaphan said the countries share a mutual interest in establishing an FTA, starting with the formation of a joint trade committee to pave the way for formal negotiations in the future.
During discussions at the World Economic Forum (WEF) in Davos, Switzerland earlier this month, Mr Pichai talked with Nir Barkat, Israeli minister of economy and industry. They focused on advancing the FTA and enhancing bilateral trade and investment opportunities.
As a member of the Organisation for Economic Co-operation and Development, Israel is recognised for its significant economic potential, particularly in innovation and technology.
The country imports food products from Thailand, including rice, ready-to-eat meals, canned seafood, and canned fruit and vegetables.
He said Israel is eager to expand trade with Thailand, recognising the country as an important and friendly partner with the potential to serve as a hub for Southeast Asia.
Thailand has good relations with major global powers, including China, the US, the EU, and countries in the Middle East.
Mr Pichai said Israel's advanced technology offers Thailand opportunities to learn and develop its technological capabilities.
The discussions addressed Israel's expertise in various technologies, such as agricultural technology, tuna farming and food security.
"Thailand is well-positioned to be a key source of food security for Israel," he said.
Israel expressed its need for Thai skilled labour and committed to improving safety measures for Thai workers in Israel.
In 2024, Israel ranked as Thailand's 39th-largest trading partner globally and the sixth-largest in the Middle East. Bilateral trade was valued at US$1.28 billion, comprising $813 million in exports and $469 million in imports.
Key exports included automobiles and auto parts, canned seafood, gems and jewellery, rice, refrigerators and components.
Major imports from Israel included diamonds, electrical machinery and parts, fertilisers and pesticides, processed fruit and vegetables, and scientific and medical instruments.
Thailand has 16 FTAs with 23 countries and economies, signing an FTA with the European Free Trade Association (Efta) on Jan 23 on the sidelines of the WEF. Efta members comprise Switzerland, Norway, Iceland and Lichtenstein. The agreement is the first FTA signed by the current government and it plans to sign FTAs with all EU members this year.