Deputy Prime Minister and Commerce Minister Suphajee Suthumpun of Thailand met with Indian Commerce and Industry Minister Piyush Goyal in New Delhi on September 9, 2026, to discuss a new “Trusted Strategic Partnership” aimed at expanding economic cooperation beyond traditional trade.
The Thai minister proposed a “co‑creation, co‑investment” model that would see the two countries jointly develop products, businesses and markets. She highlighted Thailand’s end‑to‑end manufacturing capability, product quality and ASEAN gateway, and India’s large economy, skilled workforce, technology and growth potential.
Five pilot sectors were identified for collaboration: processed food, health and wellness, green industry, gems and jewellery, and hospitality. In each sector, Thailand’s manufacturing expertise would complement India’s raw material supply and domestic market demand.
A delegation of Thai businesses, including representatives from Thaicom Plc, SCG JWD Logistics Plc, and the India‑Thai Chamber of Commerce, accompanied Suphajee to the talks. The delegation met with private‑sector representatives to explore trade, investment and innovation opportunities.
Both ministers agreed to accelerate the integration of India’s Unified Payments Interface (UPI) with Thailand’s PromptPay system, enabling cross‑border QR code payments. The move is intended to simplify transactions for tourists and businesses in both countries.
In the first seven months of 2026, two‑way trade between Thailand and India reached US$13.97 billion, an 8.07% increase year‑on‑year. Thai exports to India totaled US$10.27 billion, while imports from India were US$3.70 billion. Thailand’s main exports to India include plastic pellets, chemicals, vegetable and animal fats and oils, gems and jewellery, and iron, steel and steel products.
Thailand will host the Thailand‑India Joint Trade Committee meeting in October to review progress on existing cooperation and discuss further trade development.
Suphajee emphasized that the goal is not only higher bilateral trade figures but also the creation of new products, services, technologies and businesses that integrate into global supply chains and expand into third‑country markets.
Both ministers concluded that the partnership would strengthen economic ties and provide mutual benefits for their respective economies.
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Article and image source: thethaiger.com
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