Thai commerce minister asks India to resume FTA negotiations
Thailand's Commerce Minister Suphajee Suthumpun calls for India to restart free trade agreement (FTA) negotiations, aiming to boost bilateral trade and cooperation.
Commerce Minister Suphajee Suthumpun has discussed trade ties with the Indian Ambassador to Thailand and proposed that India resume negotiations on a free trade agreement (FTA).
Suphajee said on Thursday that she met with Indian Ambassador Nagesh Singh on Wednesday to discuss measures for strengthening economic and trade cooperation as strategic partners.
During the discussion, Suphajee proposed that India resume negotiations for a comprehensive bilateral FTA.
Suphajee said the discussion aimed to expand trade opportunities amid fluctuating global trade conditions.
She assured the ambassador that Thailand was ready to cooperate with India under their Joint Declaration on the Establishment of a Strategic Partnership, which was signed by the two prime ministers in April this year.
During the talks, both sides agreed to promote the establishment of supply chains for goods supporting manufacturing in both countries, such as jewellery, chemicals, and processed foods.
Suphajee proposed discussions for a comprehensive FTA that would cover goods, services, and investment.
In the short term, both countries would consider drafting a bilateral agreement on goods standards that would benefit both nations by eliminating non-tariff trade barriers, Suphajee said.
The two countries also agreed to begin using certificates of origin in both paper and electronic formats, the commerce minister added.
Both sides also agreed to participate in trade promotion activities in both Thailand and India to establish business networks, expand trade opportunities, and promote cooperation within the private sector, Suphajee said.
She added that she would lead a delegation of private firms to visit India in January to participate in business networking in the fields of construction materials, furniture, and sustainable products.
India is the fourth-largest economy in the world and has the largest Gen Z population. It is Thailand's biggest bilateral trade partner in South Asia, with the bilateral trade value between the two countries standing at US$17.257 billion last year.
