Thailand’s Ministry of Commerce signed a memorandum of understanding to form a mini free trade agreement (mini-FTA) with Telangana state in southern India on April 11 via a Zoom conference.
The agreement will facilitate trade and investment between Thailand and Telengana by allowing Thai companies to invest in target industries, such as processed food and furniture. It is also expected to boost business connectivity, cooperation with startup firms, incentive granting and online trade platforms.
Deputy Prime Minister and Commerce Minister Jurin Laksanawisit said, “India is Thailand’s 11th largest trade partners. There is vast growth opportunity for Thailand-India trade after the pandemic is resolved.”
In 2021, Thailand-India trade totalled US$14.94 billion, up 52.52% on the previous year.