PM Modi to Depart for Thailand Tomorrow for BIMSTEC Summit
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Synopsis
Prime Minister Narendra Modi will travel to Bangkok for the 6th BIMSTEC Summit, aiming to strengthen economic and trade ties between India and Thailand. His attendance will enhance India's leadership role in regional cooperation.
Key Takeaways
- PM Modi's visit to Thailand for BIMSTEC Summit.
- Focus on enhancing India-Thailand economic ties.
- Thailand is India's fourth-largest trading partner in ASEAN.
- Bilateral trade reached $16.04 billion in 2023.
- India plays a central role in BIMSTEC's regional cooperation.
New Delhi, April 2 (NationPress) Prime Minister Narendra Modi is scheduled to depart for Bangkok on Thursday to participate in the 6th BIMSTEC Summit, which aims to further enhance economic and trade relations between India and Thailand.
“Charting the way for future partnership. PM @narendramodi will be travelling to Thailand tomorrow,” stated Ministry of External Affairs spokesperson Randhir Jaiswal on X on Wednesday.
The spokesperson shared a video in his ‘X’ post showcasing the strong bilateral relationship between India and Thailand.
In the ASEAN region, Thailand ranks as India’s fourth-largest trading partner, following Singapore, Indonesia, and Malaysia. The total bilateral trade between India and Thailand reached $16.04 billion in 2023, with India's exports to Thailand at $5.92 billion and imports at $10.11 billion.
The rapidly expanding Indian market presents numerous opportunities for Thai investors, particularly in sectors such as infrastructure, agro and food processing, automotive, pharmaceuticals, tourism, retail, and renewable energy.
An Early Harvest Scheme (EHS), which includes 83 products, was established in September 2004 under the proposed India-Thailand Comprehensive Economic Cooperation Agreement (CECA), significantly contributing to the growth of bilateral trade.
The ASEAN-India Trade in Goods Agreement (AITIGA), effective from January 1, 2010, has also played a role in boosting trade between the two nations.
Investment from Thailand into India has seen a rise in recent years, mainly focusing on infrastructure, real estate, agro processing, electronics, automotive, food processing, hospitality, and renewable energy.
As India plays a vital role in the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), acting as a significant driver of regional integration, PM Modi's attendance at the summit will enhance India’s leadership in promoting cooperation within the BIMSTEC framework.
The BIMSTEC is an organization comprising seven member states located around the Bay of Bengal, connecting South Asia with South-East Asia, consisting of five members from South Asia (Bangladesh, Bhutan, India, Nepal, and Sri Lanka) and two from South-East Asia (Myanmar and Thailand).
Importantly, India is the largest and most influential member of this grouping, playing a key role in shaping its agenda and fostering collaboration across various sectors.
Collectively, these nations represent approximately 1.7 billion people and possess a combined GDP of $5 trillion. Through its leadership and active involvement, India has made substantial contributions to the advancement of BIMSTEC, especially in areas such as security, connectivity, trade, and climate change.
