India and Thailand are exploring opportunities to double the annual trade to $4 billion in the next two years and expand the list of items that could be traded from 82 to about 5,000 in the same period.
"A working group from Thailand has been meeting with the officials concerned here to double the trade volume from $2 billion to $4 billion in the next two years and include many items in two-way trade," Thai Ambassador to India Chirasak Thanesnant said in New Delhi at a CII-organised conference.
He said the group is working to expand the current list of 82 items to about 5,000 items, besides discussing to delete some "items that are of concern" to Thailand.
He, however, refused to divulge details of the items where Thailand has showed reluctance.
"Trade between the two countries, post FTA, has grown to $2 billion from less than a billion dollar in 2004. We hope that it grows further as there are huge opportunities of collaboration for business houses from the two countries, Chairman Borad of Trade of Thailand Pramon Sutivong said.
"Food processing, Gems and Jewellery, pharmaceuticals, spare parts and tourism are some of the many areas where the two countries can cooperate and help strengthen respective economies of the two nations," he said.
{{/usCountry}}"Food processing, Gems and Jewellery, pharmaceuticals, spare parts and tourism are some of the many areas where the two countries can cooperate and help strengthen respective economies of the two nations," he said.
{{/usCountry}}Speaking on the occasion former CII President Sunil Kant Munjal said there are great opportunities in food processing sector which could be tapped.
"With government's focus on agricultural sector, food processing would throw open huge opportunities for business collaborations between the two nations," he added.