Thai-Indian trade officials discussed market access issues and technical barriers
Thailand is an important destination for India’s gems and jewellery, mechanical machinery, auto and auto components and agricultural products especially marine products, the Ministry of Commerce and Industry said on 20 Apr 2023.
The two countries’ bilateral trade was US$16.89 billion in 2022-23. Thailand accounts for 13.6% of India’s total trade with ASEAN, said the Ministry after the 13th Meeting of India Thailand Joint Trade Committee (JTC) in New Delhi.
Reviewing the status of bilateral trade and each partner’s modest share in other’s global imports, the meeting co-chairs emphasised the need for identifying new potential products and priority sectors for expanding the bilateral trade.
Both sides identified a range of potential commodities and sectors for strengthened partnership such as value-added marine products, smartphones, Electric vehicles, food processing and pharmaceuticals.
Both sides also discussed various market access issues and technical barriers faced by their exporters and agreed to resolve the same through regular and sustained bilateral discussions.
India raised the restriction faced in its export of marine, poultry and meat products, according to the Ministry release.
The trade officials also agreed that there is huge scope in collaboration in the Service Sector and agreed to explore establishing mutual recognition and cooperation arrangements in Nursing, Accounting, Audio Visual and Medical Tourism.
The meeting also reviewed the progress of ongoing efforts on connecting Unified Payment Interface (UPI) of India with Prompt Pay Service of Thailand and the settlement of trade transactions in local currency, the Ministry said.
The meeting was co-chaired by Director General of Department of Trade Negotiations, Ministry of Commerce of Thailand, Auramon Supthaweethum, and Joint Secretary, Department of Commerce, Ministry of Commerce & Industry, Indu C. Nair. fiinews.com
