Prime Minister Narendra Modi headed for Bangkok on Thursday to attend the 6th BIMSTEC Summit.
His visit aims to strengthen economic and trade relations between India and Thailand.
Taking to X, PM Modi posted, “Over the next three days, I will be visiting Thailand and Sri Lanka to take part in various programmes aimed at boosting India’s cooperation with these nations and the BIMSTEC countries. In Bangkok later today, I will be meeting Prime Minister Paetongtarn Shinawatra and discussing the full range of India- Thailand friendship. Tomorrow, I will take part in the BIMSTEC Summit and also call on Maha Vajiralongkorn, the King of Thailand.”
“My visit to Sri Lanka will take place from the 4th till the 6th. This visit comes after the successful visit of President Anura Kumara Dissanayake to India. We will review the multifaceted India-Sri Lanka friendship and discuss newer avenues of cooperation. I look forward to the various meetings there, the Prime Minister further added.
The Ministry of External Affairs spokesperson, Randhir Jaiswal, confirmed the visit on X, highlighting the significance of the bilateral relationship between the two nations.
Thailand stands as India’s fourth-largest trading partner in the ASEAN region, following Singapore, Indonesia, and Malaysia.
In 2023, bilateral trade between India and Thailand reached $16.04 billion, with India’s exports to Thailand amounting to $5.92 billion and imports from Thailand totaling $10.11 billion.
India’s rapidly growing market remains highly attractive to Thai investors, offering significant opportunities across various sectors, including infrastructure, agro and food processing, automotive and auto parts, pharmaceuticals, health, tourism, retail, and renewable energy.
In September 2004, India and Thailand launched the Early Harvest Scheme (EHS) under the India- Thailand Comprehensive Economic Cooperation Agreement (CECA), covering 83 products.
This agreement has significantly contributed to boosting bilateral trade.
The ASEAN-India Trade in Goods Agreement (AITIGA), which came into effect on January 1, 2010, has also played a vital role in enhancing trade between India and Thailand.
In recent years, Thai investments in India have grown substantially, particularly in sectors such as infrastructure, real estate, agro-processing, electronics, automotive, food processing, hospitality, and renewable energy.
As a key player in the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), India’s involvement in the summit will reinforce its leadership role in the region.
BIMSTEC is a unique grouping that connects South Asia with Southeast Asia.
The member states include Bangladesh, Bhutan, India, Nepal, and Sri Lanka from South Asia, and Myanmar and Thailand from Southeast Asia.
India is the largest and most influential member of BIMSTEC, having significantly shaped the organization’s agenda.
Through its leadership, India has promoted regional cooperation in sectors such as security, trade, connectivity, and climate change.
Together, BIMSTEC nations represent 1.7 billion people and a combined GDP of $5 trillion.
India’s leadership within BIMSTEC continues to drive progress in regional integration and cooperation, enhancing the grouping’s role in addressing common challenges and fostering development across member states.
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