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Thailand seeks to expand trade with India

Local media quoted Thai Deputy Minister of Commerce Chantavit Tandhasit as saying that he attended a Special ASEAN-India Economic Ministers’ Meeting on August 28 to push for progress on the ASEAN-India Trade in Goods Agreement (AITIGA).

Bangkok (VNA) - Thailand’s Ministry of Commerce is working to fast-track a review of a key trade agreement with India to boost exports of Thai goods, including agricultural products, gems, and machinery.

Local media quoted Thai Deputy Minister of Commerce Chantavit Tandhasit as saying that he attended a Special ASEAN-India Economic Ministers’ Meeting on August 28 to push for progress on the ASEAN-India Trade in Goods Agreement (AITIGA).

According to Chantavit, negotiations have advanced by approximately 40% despite previous challenges.

Recent progress includes agreements on reducing customs barriers, cooperation for small and medium-sized enterprises (SMEs), and new market access for goods, which will make trade more transparent and fair.

Thailand has reiterated its position that it is ready to push for this negotiation to conclude meaningfully within 2025 so that Thai businesses can benefit directly, especially in exporting goods to India, where there is high potential for growth, including agricultural products, gems, machinery, and electrical appliances, Chantavit stated.

The deputy minister highlighted the growing economic importance of the relationship, noting that trade between ASEAN and India was valued at over 106.8 billion USD in 2024, a rise of 6.7 billion USD.

The push to finalise the AITIGA review is seen as a strategic move to create new opportunities for Thai private enterprises, enabling them to more easily access the Indian market, reduce costs, and enhance their competitiveness.

Key ASEAN exports to India include electrical appliances, mineral fuels, and machinery. Meanwhile, ASEAN imports from India primarily consist of mineral fuels, gems, and chemicals./.

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