BANGKOK: Trade between the two countries totalled $US 8.66 billion with around $US 5.62 billion in exports from Thailand going to India, and $US 3.04 billion in Indian exports to Thailand. Trade is apparently growing at a tremendous rate standing at $US 8,815 million in 2015, said Tilokruangchai. The total trade between India and ASEAN countries in 2015 was worth USD 6.8 billion. The Prime Minister of Thailand, Prayuth Chan-ocha, is said to be planning a visit to India in June to discuss increasing bilateral trade, as well as resolving issues such as the Free Trade Agreement between the two.
In ASEAN, Thailand is India’s fourth largest partner after Singapore, Indonesia and Malaysia. The growing links between the two comes when the AEC is expected to increase integration among members in the form of physical connectivity, economic links, cultural and educational ties.
The Indian market is attractive for Thai investors, due to the opportunities in infrastructure, tourism and retail industries. India is also an interesting market for goods exported from Thailand. At the moment, Thai goods have benefitted from reduced taxes under the ASEAN-India FTA in Goods, coming into effect back in 2010, which resulted in more goods flowing to India.
