Thai deputy PM pitches for increased trade ties

Thailand deputy prime minister Jurin Laksanawisit is optimistic about the growth story of the third largest Asian economy, which of late has been showing signs of a deepening slowdown. The visiting dignitary, leading a large delegation of Thai companies, said his government hopes to increase bilateral trade.

"I believe the Indian economy is still steadily growing and has a greater potential. Thailand is an old trade partner of India and there is huge potential for further growth," Laksanawisit told PTI during a select media meet. India is the largest trade partner of Thailand, he said, adding, "we want to further increase bilateral trade and also increase our exports to India as we see huge potential for our products here." Bilateral trade stood at USD 12.5 billion in 2018.

While India imported USD 7.6 billion worth of Thai goods, Thai imported goods worth US 4.9 billion from here, giving a huge gap in Bangkok's favour. "Trade between the two nations has grown at least 60 percent since 2016 and among the Asean bloc, Thailand is the fifth largest trading partner of India," he said, adding bilateral ties have strengthened since the signing of the free trade agreement.

"We are also a part of the Asean FTA with India. Also, the forthcoming regional comprehensive economic partnership will further strengthen the ties. We hope the RECP talks will be completed by the end of the year," he added. Thai delegation comprises manufacturers from the rubber, rubber wood, tapioca starch, construction materials and logistics sectors, who are exploring opportunities with their counterparts here.

Thailand is focusing on Maharashtra, Tamil Nadu, Gujarat, Telangana, Bengal, Delhi and the Northeastern states for its exports, Laksanawisit said. Earlier in the day, he launched an agri-trade supply- chain alliance to further smoothen bilateral trade.

Laksanawisit also met investors at the Indo-Thai business networking summit organised by the Thai department of international trade promotion and its commerce ministry, where three agreements were signed, including one between Thai-India business council, to create a single online platform for SMEs. He also said domestic online supermarket Bigbasket.com will be signing an agreement with the Thai commerce ministry in November in Bangkok to promote Thai products in India.

Earlier in the day the minister had a meeting with Future Group chairman Kishore Biyani..