New Delhi (India), 22nd April 2023: The Joint Secretary of the Department of Commerce from India, Indu C. Nair, and Director General of the Department of Trade Negotiations from Thailand, Auramon Supthaweethum, co-chaired the 13th Joint Trade Committee meeting between India and Thailand in New Delhi. The JTC was officially revived at this physical meeting following a 17-year absence.
The south-east Asian nation’s Prompt Pay Service and the settlement of trade transactions in local currency have been discussed, according to the commerce ministry’s summary.
The Ministry said in a statement, “The meeting reviewed the progress of the ongoing efforts on connecting UPI of India with Prompt Pay Service of Thailand and the settlement of trade transactions in local currency.”
Along with this the two nations discussed trade issues. Indian exporters of meat, poultry, and seafood to Thailand are subject to increased restrictions. However, both parties agreed to overcome a number of technical and market access challenges that respective exporters were facing.
With total commerce of USD 16.89 billion, Thailand is India’s major economic partner in ASEAN (Association of South East Asian Nations).13.6 percent of India’s overall trade with ASEAN is with Thailand.
It is a significant export hub for India’s jewels, jewellery, mechanical equipment, automobiles, auto parts, and agricultural goods, particularly marine goods.
Both parties stressed the importance of discovering fresh prospective items and top trade priorities in order to increase bilateral trade.
