India and Thailand on Wednesday explored measures to expand bilateral trade and investment, strengthen business-to-business ties, and accelerate the review of the ASEAN-India Trade in Goods Agreement (AITIGA). The discussions came amid India’s growing trade deficit with Thailand, with both countries emphasizing the need to improve market access for businesses.
Commerce and Industry Minister Piyush Goyal held talks with Thailand’s Deputy Prime Minister and Commerce Minister Suphajee Suthumpun at Vanijya Bhawan in New Delhi. The meeting focused on further strengthening the economic partnership between the two nations.
According to the Commerce Ministry, both sides exchanged views on expanding trade and investment through deeper collaboration and joint initiatives designed to promote balanced and sustainable growth in bilateral commerce.
Regarding AITIGA, India and Thailand reviewed progress and highlighted the need to strengthen bilateral engagement through the India-Thailand Joint Trade Committee (JTC) within a defined timeframe. Both countries underscored the importance of developing a balanced and mutually beneficial agreement that would improve market access and open up new opportunities for businesses on both sides.
Bilateral trade between the two countries reached a record $20.93 billion in 2025, according to India’s Department of Commerce. Indian exports totaled $5.06 billion, while imports stood at $15.87 billion, resulting in a trade deficit of $10.81 billion.
The deficit widened from $6.75 billion in 2024, when exports were $4.88 billion and imports $11.63 billion. Thailand remains India’s third‑largest trading partner within ASEAN, after Singapore and Indonesia.
The growing trade deficit has been largely attributed to higher Thai exports to India, particularly in categories such as precious stones, metals, and oils. Despite this imbalance, India and Thailand continue to use bilateral and regional platforms to promote trade and investment while working to resolve market-access challenges.
The ministers further discussed expanding trade-promotion initiatives in both countries to build stronger business networks, encourage closer business-to-business cooperation, and create more market opportunities for enterprises. The talks also involved a delegation of Thai companies operating in diverse sectors, including space technology, cold-chain logistics, food processing and innovation, healthcare and wellness, as well as trade and investment promotion.
India’s key exports to Thailand include machinery and engines, pearls and precious stones, marine products such as fish and squid, vehicles and auto components, organic chemicals, aluminum, pharmaceuticals, and spices. Imports from Thailand consist of palm oil and other vegetable oils, plastics and raw plastic materials, organic chemicals, machinery, electrical and electronic equipment, precious metals and jewellery‑related items, as well as rubber products.
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