New Delhi: Prime Minister Narendra Modi will leave for Bangkok on Thursday to attend the 6th BIMSTEC Summit, with his visit also set to further strengthen economic and trade ties between India and Thailand.
“Charting the way for future partnership. PM @narendramodi will be travelling to Thailand tomorrow,” Ministry of External Affairs spokesperson Randhir Jaiswal wrote on X on Wednesday.
The spokesperson also attached a video to his ‘X’ post highlighting the bilateral relationship between India and Thailand.
In the ASEAN region, Thailand is the fourth largest trading partner of India after Singapore, Indonesia, and Malaysia. Bilateral trade between India and Thailand stood at $16.04 billion in 2023, with exports from India to Thailand at $5.92 billion and imports at $10.11 billion.
The fast-growing Indian market remains attractive for Thai investors, with vast opportunities available in infrastructure, agro and food processing, automotive and auto parts, pharmaceuticals and health, tourism, retail and renewable energy sectors.
An Early Harvest Scheme (EHS), covering 83 products, under the proposed India-Thailand Comprehensive Economic Cooperation Agreement (CECA) was put in place in September 2004, and has contributed to the growth of bilateral trade.
The ASEAN-India Trade in Goods Agreement (AITIGA), which came into effect from January 1, 2010, also contributed to enhanced bilateral trade.
Investment from Thailand in India has increased in recent years. Thai investments are mainly in infrastructure, real estate, agro processing, electronics, automotive, food processing sectors, the hotel hospitality sector, and the renewable energy sector.
As India plays a dynamic and central role in the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), acting as a key driver of regional integration and cooperation, PM Modi’s presence at the meet will further elevate India’s prominent role on the regional stage, reinforcing its leadership in enhancing cooperation and progress within the BIMSTEC framework.
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a grouping of seven member states lying in the littoral and adjacent areas of the Bay of Bengal. It is a unique link connecting South Asia with South-East Asia – five members from South Asia (Bangladesh, Bhutan, India, Nepal, and Sri Lanka) and two from South-East Asia (Myanmar and Thailand).
Significantly, India is the largest and most influential member of the grouping. It has been instrumental in shaping BIMSTEC’s agenda and promoting collaboration across various sectors.
These nations of the grouping together account for 1.7 billion people and a combined GDP of $5 trillion. Through its leadership and active participation, India has significantly contributed to the development of BIMSTEC, especially in areas of security, connectivity, trade, and climate change.
(IANS)
